On December 18, China announced a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies revealed a phase one trade deal.
According to a brief statement by China Customs Tariff Commission of the State Council, China will exempt the six products, including special synthetic resin, from additional tariffs from December 26 to December 25, 2020.
The other exempted items include white oil, a food-grade petroleum wax, and types of polyethylene and polypropylene. Duties already imposed on U.S. products would not be refunded, the ministry added.
It is not the first time that China has decided to exempt certain products from additional tariffs. China exempted 16 products from additional 25% tariffs from September 17 after it received applications from Chinese importers.
China also waived import tariffs for some soybeans and pork shipments from the United States on December 6, before the two sides reached the 'Phase One' trade deal that intended to revoke tariffs that were planned to take effect on December 15.
Suspending tariffs imposed on a certain number of products is often considered a move to ease trade tensions, even though the value of the products involved may be minimal.
China said it will continue to work on the product exemptions and release the second batch of waivers at an appropriate time. Among the roughly $500 billion in goods the U.S. imports from China every year, some $370 billion are currently subject to tariffs.
The 'Phase One' deal announced last week averts further U.S. levies on an additional $160 billion in Chinese imports that were set to take effect on Sunday - a relief for companies that pay the import tax. It also means at least for now American consumers are unlikely to see price hikes for various sorts of consumer goods including mobile phones, video game consoles and computer monitors.
In addition, U.S. tariffs on another group of Chinese-made consumer products that took effect September 1 will also be cut to 7.5% from 15%.