China quietly exempted about a quarter of US imports from tariffs

- China has quietly started to exempt some American goods from tariffs, which likely covers imports worth about $40 billion, seemingly as an attempt to soften the impact of the trade war on its own economy.

A list of US products exempt from tariffs, including 131 items such as pharmaceuticals and industrial chemicals, circulated among traders and businesses last week. Some of these items were previously reported by Bloomberg News.

It is unclear where this list originated, as it has not been officially confirmed, but according to informed sources who wished to remain unnamed due to discussions of confidential information, at least half a dozen companies in China have been able to import items from the list without paying tariffs.

According to Bloomberg's calculations based on Chinese customs data, the value of the 131 items is about $40 billion, or approximately 24% of China's imports from the US in 2024.