China and the United States have agreed terms of a 'phase one' trade d...
BEIJING/SINGAPORE - China and the United States have agreed terms of a “phase one” trade deal under which Washington reduced some tariffs and Beijing canceled retaliatory duties that were previously scheduled to take effect on Dec. 15.
Before Sunday’s deal, U.S. corn, sorghum, wheat, undenatured ethanol, and refined copper cathodes had faced an additional tariff of 10% an imports into China. Propane, cotton, aluminum scrap, copper scrap and rare earth magnets were all set for an additional 5% duty. China, the world’s biggest crude importer, has sharply lowered U.S. shipments from a record high hit last year. Chinese customs data showed imports in the first 10 months were halved year-on-year to 146,275 barrels per day.China removed an additional 5% tariff on U.S. propane shipments which was set to take effect from Dec. 1. A 25% duty that Beijing imposed on U.S. propane on Aug. 23, 2018 remains in place.
Imports of the super-chilled fuel in the first 10 months of 2019 shrank 87.2% on the year to 258,955 tonnes, according to Chinese customs.China imposed tariffs of 25% on U.S. methanol and MEG in June this year. These were not affected by Sunday’s deal.A 25% tariff on soybeans in July 2018 had halted all buying by commercial buyers, but Chinese crushers went back to the U.S. market following a trade truce leaders in the two countries agreed in December last year.
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