US may extend tariff exclusions on $34 billion of Chinese imports

In a major development in ongoing US-China tariff war, United States Tre Representative (USTR) is considering extending certain exclusions from ditional tariffs for up to 12 months on $34 billion of Chinese imports. current exclusions, granted last year, are set to expire on December 28, 2019. Earlier, U.S. Tre Representative h initiated exclusion process in July 2018 and granted an initial set of exclusions in December 2018.

process commences in vember

U.S. Tre Representative, in a statement, said that it will commence a process on vember 1 for such consideration. USTR will provide details in a federal register tice to be published this week on process of submitting inputs regarding specified tariff exclusions, wher in favour or opposing it. “ period for submitting comments will run from vember 1, 2019, to vember 30, 2019,” said USTR.

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Close on finalising a deal

On October 25, USTR h said that both countries are ‘close to finalising’ on some parts of a “mini deal” anunced by US President Donald Trump. ncy said that high-level telephone discussions were held on October 25 but didn’t specify areas where progress has been me. It ded that discussions will continue at deputy level and principals will have ar call in future. Chinese Ministry of Commerce, in a separate statement, also confirmed that "technical consultations" on some parts of a tre agreement were finished.

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Trump upbeat about deal

Earlier this month, Trump h anunced a “mini deal”, a limited tre agreement, and was confident on finalising agreement. Trump later also hinted on progress of agreement saying y will be able to seal a deal on phase one. He said that “good things” were happening at tre talk meeting. "We'll be able to, we think, sign a completed document with China on phase one," Trump said at White House.

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(With Inputs from ncies)