China announced on Tuesday a new list of 79 U.S. products eligible for waivers from retaliatory tariffs imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States.
China’s finance ministry said in a statement the new waivers will take effect on May 19 and expire on May 18, 2021. The latest list waives tariffs on products including ores of rare earth metals, gold ores, silver ores and concentrates.
The ministry did not disclose the imports value of the products. Beijing in February said it would grant exemptions for 696 U.S. goods including key products such as soybeans and pork based on applications from companies.
Beijing and Washington’s top trade negotiators held a call last week and discussed implementation of the Phase 1 deal signed in January.
Under the deal, China agreed to increase its purchases of U.S. goods from a 2017 baseline by $200 billion over two years, with about $77 billion in increased purchases in the first year and $123 billion in the second year.
Renewed tensions between the two countries, sparked by the COVID-19 pandemic that began in China late last year, are also raising questions about the trade truce.
U.S. President Donald Trump has threatened to terminate the deal if China fails to meet its purchase commitments.
China’s Global Times, published by the official newspaper of the ruling Communist Party, also reported on Monday that some government advisers were urging Beijing to invalidate the trade deal and negotiate one more favourable to China.
The Chinese foreign ministry adopted a measured stance on trade on Tuesday despite the heightened tensions between the two countries, saying the existing Phase 1 deal is a good thing for both China and the United States.
“China and America reaching the Phase 1 trade deal benefits China, benefits the U.S. and the whole world,” Zhao Lijian, spokesman at the foreign ministry, said at a regular media briefing in Beijing.
“Both sides should carry out the agreement while sticking to the principles of equality and mutual respect.”
Latest Stories
-
You have to be resilient to succeed at West Ham – Antonio advises Kudus
6 mins -
Media urged to push for implementation of Affirmative Action law
10 mins -
2025 AFCON Qualifiers: It’s time for our first victory – Otto Addo ahead of Angola game
23 mins -
Puma reveals new Ghana home and away kits for 2024/25
32 mins -
Kudus has the quality to win African Footballer of the Year, but Ghana has to do more – Michail Antonio
41 mins -
Vote for a political party that supports indigenous businesses – Dr Nduom
48 mins -
Adaklu has seen massive education infrastructure development under my watch – Agbodza
55 mins -
Fuel prices to go down from tomorrow November 16, 2024 – COPEC
1 hour -
Ghanaian entertainers need to explore beyond Nigeria – OB Amponsah
1 hour -
EOCO boss urges women leaders to seek regular medical screening
2 hours -
Why 2 Supreme Court Justices dissented on vacant seats ruling
2 hours -
China is leading source of investment destinations in Ghana in half-year 2024
2 hours -
Lordina Mahama visits Manhyia ahead of 2024 elections
2 hours -
AFCON 2025: Nigeria, Egypt, 13 other countries secure tickets for Morocco [Full list]
2 hours -
Ghana Standards Authority calls for heightened awareness on food products labeling
2 hours