Thursday, October 29, 2020

Delicate moment of Sino-US trade friction, US side bursts out “goodwill”

Featured

Armenian defense denies targeting civilian sites in Azerbaijan

The Armenian Ministry of Defense denied targeting civilian sites in Azerbaijan, according to an urgent news broadcast, Azerbaijan announced...

Harris promised to end Trump’s policies on asylum restrictions and ensure immigrant dignity

Democratic candidate for US Vice President Kamala Harris promised to work with Democratic presidential candidate Joe Biden to put...

Covid-19 vaccine could be available by end of the year: Fauci

Before the end of this year, it will be possible to know if there is a vaccine against COVID-19...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Media paid attention to such a message that the US government approved nearly 1,000 applications for the US government’s sanctions imposed on Chinese products as a special tariff exemption from the tax collection list. Also, the US Trade Representative Office (USTR) announced the exemption list.

Among the Japanese companies on the list of exemptions, applications from Sumitomo Riko and Seiko were approved.

According to the report, the United States imposed tariffs on Chinese exports to the United States worth US$250 billion on three grounds of China’s infringement of intellectual property rights of US companies.

If the conditions can only be procured from China, the tariff can be exempted, but the progress of the USTR approval is very slow. As of December 20, 2018, no application has been approved.

It is reported that the products that were approved for exemption from tariffs belonged to the first round of sanctions against China, that is, the US exported US$34 billion worth of industrial equipment and electronic components, which were added with a 25% tariff in July 2018.

The USTR approved nearly 1,000 applications in more than 10,000 applications received from July to October 2018. According to the analysis, more than 1,000 applications have been rejected so far, and the remaining applications are still under review.

The tariff exemptions include paper making equipment, conveyor belt related parts, and air conditioner temperature regulators.

The USTR’s list includes Japan Seiko, NTN and Meiya Sanmei, which applied for exemption from bearing tariffs on auto parts, and Stanley Electric and Sumitomo Riko, who applied for exemption from metal injection mold tariffs, were also approved.

According to reports, USTR will announce the approval results in stages in the future. The tariff exemption is valid for one year, and July 6, 2018, which is started by tariff, is the applicable start date.

However, in August 2018, for the second round of sanctions imposed on semiconductors and other products, no application has been approved, and the third round of sanctions imposed in September 2018 has not accepted the application for exemption.

“This is an important achievement of the meeting between the two heads of state during the G20 summit.” For the US application for the “exemption” of nearly 1,000 sanctions against China, Professor of the School of International Relations of Renmin University of China and researcher of the National Development and Strategy Institute Li Wei commented.

Li said that the first public result of the first meeting of the US was that no tariffs would be added on January 1, 2019, and the US government imposed a tariff of 10% on China’s $200 billion product.

Now that the United States has begun to exempt the already imposed tariffs on a large scale, it can be said that the US has further released a positive signal.

He believes that this shows that the US position is loosening and the two sides are moving in the direction of a more favorable direction to gradually reach an agreement. Li Wei said that the US economic and trade negotiators will soon arrive in Beijing, which is a positive signal released before they arrived in Beijing.

Li Wei also said that with the deepening of future negotiations, the two sides may also carry out a larger “exemption.” He pointed out that this also shows that the US trade mechanism is very flexible and can adjust policies quickly according to the situation.

#USTR

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
- Advertisement -

Latest News

Telenor Pakistan Bags Network Transformation Awards 2020 for CCS

In line with its commitment to strengthening the pillar of connectivity and providing high-quality broadband services across the length...

Shell Pakistan announces a profit in Q3 2020

The Board of Directors of Shell Pakistan Limited (‘SPL’) announced the third-quarter results for the company. Shell posted an after-tax profit of PKR 1,812...

Armenian defense denies targeting civilian sites in Azerbaijan

The Armenian Ministry of Defense denied targeting civilian sites in Azerbaijan, according to an urgent news broadcast, Azerbaijan announced that 4 civilians were killed...

Harris promised to end Trump’s policies on asylum restrictions and ensure immigrant dignity

Democratic candidate for US Vice President Kamala Harris promised to work with Democratic presidential candidate Joe Biden to put an end to the policies...

Covid-19 vaccine could be available by end of the year: Fauci

Before the end of this year, it will be possible to know if there is a vaccine against COVID-19 that is "safe and effective"...

Related News