One month after the “Phase 1 Deal” with the USA was concluded, China now wants to cut import tariffs for another 696 products from the USA. This also includes agricultural and energy products such as pork, beef, soybeans, LPG and crude oil.
It is the third group of US goods for which the first part of the trade agreement, which was signed on January 15. was signed, now import duties will be lowered again. China has promised to import $ 200 million worth of US imports (goods and services) within the next two years.
Import tariffs were raised during the years-long trade dispute.
Import relief comes at a time when China's economy is suffering from the effects of the coronavirus crisis. The country's authorities have banned travel and transportation to limit the spread of the virus. As of yesterday, nearly 1,900 people in China have died from the virus-induced lung disease and at least 70,000 are said to be infected.
The US government is wondering whether China can keep its import commitments now.
Source
HANSA Terminhandel
