U.S. exempts some medical, electronic devices from China tariffs

The Trump administration will exempt 110 Chinese products, from medical equipment to key capacitors, from hefty tariffs, it said on Tuesday, offering relief to some U.S. firms which have said the taxes harm their bottom lines.

The relatively narrow exemption list will provide relief from 25 percent tariffs the United States slapped on 34 billion U.S. dollars of Chinese imports on July 6, 2018, one of the first salvos in a bilateral trade battle that has roiled global supply chains and cost billions. The retroactive exclusions are effective as of that date and extend for a year from Tuesday.

Meanwhile, Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin held phone talks on Tuesday.

The two sides exchanged opinions on economic and trade issues in line with the agreements reached between Chinese President Xi Jinping and his U.S. counterpart Donald Trump on the sidelines of the G20 summit in Osaka, Japan, on June 29.

Source(s): Reuters