China and the United States have agreed to terms of a Phase 1 trade deal on Jan ...
BEIJING/SINGAPORE - China and the United States have agreed to terms of a Phase 1 trade deal on Jan 15 but Beijing has not reduced or waived tariffs on any commodities or energy further.
Before the Dec. 15, 2019, deal, U.S. corn, sorghum, wheat, undenatured ethanol and refined copper cathodes had faced an additional tariff of 10% on shipments to China. Propane, cotton, aluminum scrap, copper scrap and rare earth magnets were all set for an additional 5% duty. Chinese firms process U.S. propane into petrochemicals such as propylene. Imports in 2018 were worth an estimated $2 billion. The punitive tariffs nearly killed the business in the first 11 months of 2019, with imports from the U.S. at 2,443 tonnes.China imposed a 10% punitive tariff on U.S. LNG shipments in September 2018, raising it to 25% in June 2019. LNG duties were not affected by the Jan 15 deal.
These were also a tiny part of China’s total January-November 2019 methanol imports at 9.7 million tonnes and MEG imports at 9.03 million tonnes.No additional duties have been removed as of Jan 15 but there have been some hefty goodwill waivers on tariffs in recent months. Total import tariffs on U.S. frozen pork went down to 68% from Jan. 1, after a cut in tariff rates on frozen pork shipments from all countries. This did not apply to carcasses, chilled pork and offal.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S., China sign 'Phase One' trade agreement, signaling pause in trade warThe "Phase One" trade deal between the U.S. and China signals a truce in the nearly two-year trade war between the world&39;s two largest economies.
Read more »
U.S., China sign 'Phase One' trade agreement, signaling pause in trade warThe 'Phase One' trade deal between the U.S. and China signals a truce in the nearly two-year trade war between the world's two largest economies.
Read more »
Stocks Hit Record Highs As U.S. Signs Phase One Trade Deal With ChinaStocks hit record highs as U.S. signs Phase 1 trade deal with China by skleb1234
Read more »
Stocks Hit Record Highs As U.S. Signs Phase One Trade Deal With ChinaThe Phase One agreement marks a cease-fire in the long-running trade war.
Read more »
Here's what China agreed to buy from the US in the phase one trade dealThe U.S.-China deal details the value by sector of the additional $200 billion of U.S. goods and services China has agreed to buy.
Read more »