The Chinese government has taken a step in the direction of the United States in the trade conflict: some imports from the United States could be removed from 125 percent duty, an insider said on Friday.
The Ministry of Commerce sets a list together with goods that can be released from the rates. For example, the recording of eight semiconductor items is drawn up that memory chips do not belong. On Friday, a list of 131 product categories circulated, which can be excluded from the rates. In addition to semiconductor items, vaccines, chemicals and nozzle engines are also available. According to the Financial House Huatai Securities, this import group corresponded to a value of approximately $ 45 billion in the previous year (equal to slightly less than 40 billion euros).
“Companies asked”
“For example, the Chinese government asked our companies what kind of things they import from the US into China, which they cannot find anywhere else and that would therefore paralyze their supply chain,” said the president of the American Chamber of Commerce in China, Michael Hart.
US President Donald Trump had started the trade conflict with high rates for Chinese waiting for 145 percent, but is now partially back. The People’s Republic responded with retribution. The International Monetary Fund (IMF) fears negative consequences for the entire world trade.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
