Chinese authorities announced on Tuesday that tariff exemptions granted to importers of qualifying US goods would be effective for one year.
Beijing will begin receiving applications for tariff exemptions for 696 products from the United States, including medical equipment, crude oil, pork, beef, soybeans, starting 2 March, authorities announced on Tuesday.
The news comes a month after the US and China signed a Phase One Deal on a broader trade agreement in Washington, paving the way to ending a tariff war that has been hurting both economies since 2018. The deal stipulates that Beijing will purchase about $200 billion worth of US goods, including $75 billion in manufactured products.
This agreement would stop the trade conflict that erupted in June 2018, when president Donald Trump slapped the first round of tariffs against Beijing, causing a retaliation in kind.
According to recent information, the Trump administration has implemented additional tariffs on $550 billion worth of Chinese products, while Beijing, in turn, had duties on $185 billion worth of American goods.