China announces one-year extension of tariff exemptions on some US products

China announces one-year extension of tariff exemptions on some US products

China’s finance ministry on Friday announced that tariff exemptions for six products from the U.S. will be extended for another year.

Among the products that will enjoy the extension are white oil and food-grade petroleum wax, according to Reuters. The extension will take effect Saturday and last through Dec. 25 of next year.

The exemptions were first announced in December 2019 following the announcement of a Phase 1 trade deal.

Washington and Beijing have had a tension-filled trade relationship under the Trump administration, with each side slapping tit-for-tat tariffs on each other as part of an ongoing trade war.

President-elect Joe BidenJoe BidenJudge throws out GOP lawsuit to close Georgia ballot drop boxes after business hours First responders serenade Fauci with ‘happy birthday’ Joe Biden can be the president for middle class workers and all races MORE said this month he would not immediately remove the tariffs on China, but he’s signaled he hopes to work with Beijing on issues such as climate change and combatting COVID-19.