Tuesday, 17 September, 2019

China and Trump Exchange Goodwill Gestures on Tariffs

Pharmaceuticals and lubricant oil are among exclusions to levies on US imports announced by China's Ministry of Finance China scraps some US tariffs ahead of trade talks
Jean Garcia | 12 September, 2019, 16:32

In total, Trump has imposed or announced penalties on about $550 billion of Chinese products, or nearly everything the USA buys from the world's No. 2 economy.

The Trump administration at the first of September imposed 15 percent tariffs on $115 billion worth of Chinese goods and will launch another round of penalties on December 15.

A top Chinese official said Thursday that companies in the country have been inquiring about the prices for USA soybeans and pork in what could be a positive sign during trade negotiations.

The tariffs were set to increase to 30% from 25% on the goods.

US President Donald Trump said Wednesday the United States will delay increasing tariffs on $250 billion (€227 billion euros) worth of Chinese imports by two weeks "as a gesture of good will".

Over the past year, the world's two largest economies have imposed tariffs on billions of dollars worth of one another's goods.

The negotiations in early October would be the first since talks broke down in May.

Beijing has said it would work on exempting some USA products from tariffs if they are not easily substituted from elsewhere.

China removes several US products from tariffs list
The measure will enter into force on September 17 and will be valid for one year - until September 16, 2020, BTA informs. China said it will open the third tranche of tariffs up for exemption requests later, though it hasn't specified a date.

The data does not include recent and upcoming tariff increases on almost $300 billion in additional imports.

The exemptions will become effective on September 17 and be valid for a year, according to the Customs Tariff Commission of the State Council, which released two lists that include seafood products and anti-cancer drugs.

Investors drew encouragement from China's decision to exempt some us products from a recent round of tariffs.

The exemption will take effect on September 17 and be valid for a year through to September 16, 2020, it said.

Before the meeting in Washington, Gao said there will be a deputy level meeting to lay the ground work for the talks between Liu and his American counterparts led by US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.

Beijing and Washington were close to a deal last spring but USA officials said China backed away from an agreed text over a reluctance to change laws to address US complaints.

"According to my understanding, Chinese firms have started to inquire about prices for USA agricultural goods".

"American companies continue to do well in China, but the trade conflict now shadows many businesses", said Eric Zheng, chairman of the trade association.

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