China on Wednesday announced plans to exempt 16 types of U.S. products from additional tariffs, including food for livestock, cancer drugs and lubricants.
The exemption, which is scheduled to go into effect from September 17, will be valid for a year through to September 16, 2020.
The announcement comes as high-level trade officials from China and the U.S. prepare to meet in Washington next month. It will mark their latest attempt to resolve a protracted trade dispute. Washington and Beijing have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
The State Council Tariff Commission said on the Ministry of Finance’s website that items on two separate tariff exemption lists would not be subject to additional charges imposed by China on U.S. goods.
For products on “List 1,” including fish meal for feed, shrimp and prawn seedlings and cancer drugs, tariffs already imposed will be refunded. Companies can apply to customs within six months.
For products on “List 2,” including whey for feed and lubricating base oil, tariffs were said to be non-refundable.