China recently announced the extension of tariff exemptions which will now be in July next year.
The extension of the tariff exemptions announced by China is said to help ease tensions between them and the U.S. (Photo: China Daily)
Tariff Exemptions Recent Announced By China
China has announced the extension of tariff exemptions for certain U. S. goods from additional tariffs until July 2024. These tariff exemptions were originally set to last until the end of 2023 but have now been extended.
China’s decision to extend the tariff exemptions of certain U.S. goods from additional tariffs is seen as a positive step towards easing trade tensions between the two economic giants. This move of having extended tariff exemptions provides a much-needed breathing space for businesses and industries heavily reliant on cross-border trade.
According to a published article by China.org.cn, by prolonging the tariff exemptions until July 2024, China aims to foster stability and encourage bilateral negotiations to resolve ongoing trade disputes.
A Response From China Regarding The Imposed Tariffs On Chinese Goods
In a published article by BNN Breaking, the decision to extend tariff exemptions is a response to the U.S. imposing tariffs on Chinese goods and demonstrates China’s economic cooperation and flexibility in trade. There are concerns about China retaliating with tariffs on U.S. agricultural exports if the U.S.’s economic relationship with China is reset.
The U.S. is likely to extend the current tariff exemptions on imports from China further, and this development has implications for businesses, policymakers, and global trade dynamics.
