China suspends import tariffs on some US goods

China suspends import tariffs on some US goods

China’s government on Wednesday moved to exempt 16 types of US exported goods from import tariffs, ahead of the latest round of talks between the world’s top two economies over their trade dispute. Starting September 17, China will for one year suspend the tariffs, which it said were countermeasures against US tariffs following Washington’s “Section 301” investigation, the State Council announced.Included on the list were some cancer drugs, lubricant oils and a handful of chemicals. No big ticket US exports such as pork or soybeans were included.The State Council’s tax regulator will next look to further expand exemptions on US goods and release follow-up lists when they are ready, it said. In total, there are more than 6,000 US goods that could qualify for tariff exemptions.China and the United States last week agreed to restart face-to-face talks later this month in a bid to ease tensions in their bitter trade row. 


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