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China announces tariff exemptions on 16 categories of U.S. products

China announces tariff exemptions on 16 categories of U.S. products
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Written by Maritime First

…As Saudi Arabia condemns Israeli PM’s announcement about West Bank***

China on Wednesday announced tariff exemptions on 16 categories of goods imported from the U.S., as negotiations to end the countries’ trade war are set to resume.

U.S. products exempted from Chinese tariffs include lubricating oil, anti-cancer drugs and some solvents, according to a statement by the Chinese Finance Ministry.

The exemptions come as China and U.S. trade teams have agreed to resume negotiations in early October to end their year-long trade war that is slowing the world economy.

The exemptions are a “goodwill gesture,” ahead of the talks, state tabloid Global Times said.

Earlier this month, the U.S. imposed 15-per-cent tariffs on 112 billion dollars’ worth of Chinese goods, including televisions, books, nappies and sports shoes.

At the same time, Chinese tariffs of 5 and 10 per cent targeting around 75 billion dollars of U.S. goods came into force.

The moves were the latest in an escalating trade war in which Washington accuses Beijing of unfair trade practices, intellectual property theft and unequal access to the Chinese market for foreign and domestic firms.

In the meantime, Saudi Arabia on Wednesday condemned Israeli’s Prime Minister, Benjamin Netanyahu’s announcement about the West Bank.

Saudi Arabia called for an emergency meeting of the Organisation of Islamic Cooperation (OIC) at the level of foreign ministers to discuss the issue.

The emergency meeting was to develop an urgent plan to review the attitudes toward Israel with the aim to confront the declaration and take necessary measures.

The Royal Court said in a statement, carried by Saudi Press Agency, that Netanyahu’s announcement that he intends, if he wins the forthcoming elections, to annex lands from the 1967 occupied West Bank was totally null and void.

The statement affirmed that the declaration was a very dangerous escalation against the Palestinian people.

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It constitutes a flagrant violation of the Charter of the UN and the principles of international law and norms.

It said such a declaration would undermine and reject any efforts to achieve a just and lasting peace as there was no peace without returning the occupied Palestinian territories and the Palestinian people’s enjoyment of their undiminished rights.

However, the kingdom called upon all states, organisations and state bodies to condemn and reject the declaration.

The Kingdom also said any action resulted from the declaration as void and had no legal effects on the historic and inalienable rights of the Palestinian people.

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Maritime First