China to start tariff exemption process on certain U.S. imports on March 2
China will begin receiving applications for tariff exemptions on certain U.S. imports starting March 2, according to a statement by the Customs Tariff Commission of the State Council of China.
U.S. products purchased in accordance with market- and commerce-based principles will not be levied tariffs that China imposed to strike back U.S. Section 301 tariffs, said the statement.
Instead, Chinese enterprises are encouraged to import goods from the U.S. based on commercial considerations.
Domestic companies that intend to sign a contract to purchase and import related goods from the U.S. can submit applications for exemption via the tariff exclusion system.
The exemption list has close bearing on 696 types of U.S. products from the likes of seafood, chemical products, timber, medical equipment, liquefied natural gas and crude oil.
The tariff exemption applications should be submitted through the online declaration system of China's Ministry of Finance.
The period of exclusion will be valid for one year after the date of approval, but duties already imposed on U.S. products would not be refunded.
China in early February halved the 10-percent and 5-percent rates on a list of U.S. products subject to additional tariffs from September 1, 2019 to spur the healthy and stable development of Sino-U.S. economic and trade relations.