China’s finance ministry has announced a new list of 79 US products, including rare earth ore, that will be eligible for import tariff exemptions. The ministry said that the waivers would be valid for a year starting from May 19.
Previously, China’s customs administration reported that trade flow with the US dropped 15.2% year-on-year in the first quarter of this year. The decline was attributed to the economic fallout of the COVID-19 pandemic and the lingering impacts of the US-China trade war.
The impact of the coronavirus pandemic can undermine China’s promise to purchase some $250 billion worth of US goods it agreed in the phase-one deal. However, US President Donald Trump threatened to terminate the agreement if China seeks to renegotiate the term or it fails to fulfil its phase-one commitments.
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Published on May 12, 2020 3:16 PM (GMT+8)Last Updated on May 12, 2020 3:16 PM (GMT+8)
