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China announces new customs exemptions for some US imports

China announces new customs exemptions for some US imports

China has announced a new list of U.S. products to be exempted from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to increase imports from the United States.

China's Finance Ministry said in a statement on Tuesday that the new exemptions will come into effect on May 19 and end on May 18, 2021, Reuters reported.

The list of imports to be subject to new duty exemptions includes 79 U.S. products, most notably rare ground metal ore, gold ore and silver ore, where the Ministry did not disclose the value of imports of products subject to exemptions.

In February, Beijing announced that it would implement customs exemptions on 696 U.S. goods, including major products such as soybeans and pork.

Over the past week, senior officials in Washington and Beijing discussed the implementation of the phase 1 agreement signed in January.

Under the agreement, China agreed to increase its purchases of U.S. goods by nearly $200 billion from 2017 levels over two years by $77 billion in the first year and $123 billion in the second year.

Earlier, US President Donald Trump has threatened to end the trade deal if China fails to meet its procurement commitments.

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