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China to accept tariff exemption applications for 696 US products

China on March 2 will begin accepting applications from companies for the exemption of tariffs on 696 products imported from the U.S.

Products eligible for exemption include soybeans, pork, beef, crude oil and copper ore, among other items, according to the list released by the Customs Tariff Commission of the State Council.

Imports within the authorized amount will not be subject to tariffs for one year from the approval date, the commission said. Tariffs in excess of the approved amount will have to be borne by the applicant, it added.

This would be the third list of U.S. goods that China is set to grant tariff exemptions for since September 2019. The country recently allowed imports of poultry and poultry products from the U.S. amid a bird flu outbreak in two provinces.

As part of a "phase one" trade deal signed Jan. 15, China has pledged to purchase more than $200 billion of additional American products and services over the next two years.