BEIJING, December 19. /TASS/. China has unveiled the first part of the second list of the US goods, which will not be subject to additional duties. According to a statement by the Customs Tariff Commission of China’s State Council, this measure will enter into force on December 26 and will be valid for one year.
"By the approval of the State Council, the Customs Tariff Commission completed the consideration of the first of goods from the second list that will be freed from additional duties imposed on American goods. It (the first part of the second list - TASS) will enter into force on December 26, 2019 and will be valid until December 25, 2020," according to the document.
The first batch of goods from the second list includes white oil (a colorless transparent liquid consisting of a mixture of liquid hydrocarbons and obtained by fractionation of crude oil), food grade microcrystalline paraffin, high density polyethylene, metallocene, ethylene-propylene copolymer and some other products.
The Customs Tariff Commission stresses that it will continue to compile new lists of goods that will not be subject to additional duties, and timely unveil the second part of the second list of the US goods.
Earlier, US envoy to the trade talks, Robert Lighthizer, said trade envoys from Washington and Beijing plan to sign the phase one trade deal in early January. The agreement has no expiry date.
As part of the deal with China, US President Donald Trump agreed to postpone the introduction of penalty tariffs on China, due on December 15, for an indefinite period.
The United States will keep its 25% tariffs on approximately $250 billion of Chinese imports and reduce tariffs on $120 billion in products to 7.5% from 15%, Lighthizer said. The reduction will take effect 30 days after the signing.
According to Lighthizer’s estimates, the agreements would help to boost US imports from China by $200 billion within two years. The measures would also help to decrease the US trade deficit.
In response, Chinese authorities postponed the introduction of additional import duties on US goods on December 15, in particular on cars and spare car parts.