Trump Agrees to Two-Week Delay in China Tariff Increase
Trump Agrees to Two-Week Delay in China Tariff Increase
Donald Trump said the delay in tariffs was a"gesture of good will
13 September, 2019, 16:35
Despite tariffs of 62% in place since last year, U.S. exports of pork to China jumped 51% in the first seven months of 2019 over last year to 240,000 tonnes, according to the U.S. Meat Export Federation. That's how President Donald Trump described China's decision yesterday to exempt 16 types of American imports, such as cancer drugs and animal feed, from new tariffs.
In another sign that tensions may be easing, China earlier suggested it was preparing to resume its United States agricultural imports.
"Chinese enterprises have started to inquire about the price of American farm goods including soybeans and pork", ministry spokesman Gao Fengsaid at a news briefing.
Earlier on Wednesday, China announced a range of US goods would be exempted from 25% tariffs put in place previous year, as the government seeks to ease the impact from the trade war. Trump's tariff policy has cost American businesses $6.8 billion in July, a 62% increase from the same period past year, according to Tariffs Hurt the Heartland, an alliance of more than 150 associations representing every sector of the US economy. But the idea is that the deal would include IP commitments that China had agreed to in negotiations in the spring before talks broke down, leading to a summer of escalation.
"It's something that people talk about, I'd like to get the whole deal done", he said.
It was in response to Trump's tariff hikes on Chinese goods. Moody's also says the trade war has decreased the size of the USA economy by about 0.3 percent.
The US business sector does not want to see a hike in tariffs, and hopes that the two countries will solve their differences through consultations and bring bilateral trade back to normal, Greenberg said.
The Xinhua News Agency, citing unidentified sources on Friday, said soybeans, pork and some other farm goods will be exempt from tariff rises.
China bought about a million tons of pork so far this year, of which about 87,771 tons were from the USA, according to Chinese customs data. The Organisation for Economic Co-operation and Development forecasts that the trade war could cost global GDP $600bn in 2021/22. China wants the U.S.to remove all extra tariffs, and the US has long sought concessions on intellectual property and state-subsidies for industry that Beijing has been unwilling to give.
The items on the two tariff exemption lists - posted on the ministry's website - will not be subject to additional duties imposed by China on U.S. goods "as countermeasures to U.S. Section 301 measures", the ministry said in its statement.
It also announced Wednesday that it would exempt some USA products from the tariffs it has imposed over the past year.
Mr Trump has said he wants to withdraw around 5,000 of the 14,000 United States military personnel still in the country. New Delhi had maintained silence after President Trump had abruptly cancelled the talks.
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