China excludes U.S. chemicals from import tariffs

On Thursday, China unveiled a new list of U.S. imports which will be exempted from tariffs following the two countries announcing a Phase 1 trade deal.

The waivers will be effective from December 26, and will apply for six items, most of them chemical products such as white oil, linear low-density polyethylene, high-density polyethylene, food-grade petroleum wax, and polypropylene, said China’s Ministry of Finance.

The tariffs exemption will be applicable for a year and will end on December 25, 2020, said the ministry without providing a value of the import goods excluded from duties.

It went on to add, duties imposed on U.S. products will not be refunded.

Beijing also mentioned that it will continue to work on the product exemptions list and will release the second batch of waiver at an appropriate time.

U.S. Trade Representative Robert Lighthizer last week acknowledged there remained hard work ahead in the next phase of negotiations but did not provide any specific timetable.

He mentioned that U.S. President Donald Trump did not want to wait until after the 2020 presidential election to wrap up a more comprehensive agreement.

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