China on May 12 released a new list of U.S. products that will be exempted from the second round of additional tariffs on U.S. products.

This is the second list of U.S. goods to be excluded from the second round of tariff countermeasures against the U.S. Section 301 measure, according to a statement from the Customs Tariff Commission of China's State Council.

The exemption will be valid from May 19, 2020 to May 18, 2021, it said.

Tariffs that have already been levied will be refunded, said the statement.

The remaining U.S. products subject to China's second round of additional tariffs will not be excluded for the time being, it said.

For U.S. products that are not on the first two lists, the commission advised enterprises to apply for the exemption of additional tariffs following a specific product list that applies to domestic firms which plan to sign deals to purchase and import these products from the United States in a market-oriented and commercial fashion.