China exempts 16 types of U.S. goods from additional tariffs

China’s Xi ‘Can’t Believe What Trump Says’ Regarding Trade War

Commerce negotiators have mentioned they'll meet in Washington in early October, elevating hopes that contemporary negotiations may assist ease tensions between the world's two greatest economies.

The exemptions will apply to US goods including some anti-cancer drugs and lubricants, as well as the animal feed ingredients whey and fish meal, the Ministry of Finance said in a statement on its website on Wednesday.

Abe reportedly told Xi that Trump trusts the Chinese president, but Xi continued to voice frustration and the big reason for his distrust is how the USA has handled Chinese telecom giant Huawei, which has been banned from us networks and from buying American tech.

"I deal with them and I know them and I like them", he said.

Some analysts view the move as a friendly gesture but don't see it as a signal that both sides are readying a deal.

US President Donald Trump on Wednesday welcomed an apparent olive branch from Beijing in the grinding trade war between the 2 nations, which came weeks before negotiations are due to resume. An exemption list of just 16 items will not change China's stance.

Wall Street stocks inched higher early Wednesday after China said it would pull some United States products from its tariff list, an apparent olive branch ahead of trade talks set for next month. With more USA tariff increases on the way, China is unlikely to pare back its response by exempting soybeans and autos.

Beijing has said it would work on exempting some U.S. products from tariffs if they are not easily substituted from elsewhere. The United States is by far China's largest supplier of whey, which is an important ingredient in piglet feed and hard to source in large volumes from elsewhere.

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

Two lists of goods will be excluded from China's first round of tariff countermeasures against the U.S. Section 301 measures.

Both sides raised tariffs on each others' goods on September 1 in the trade war's latest escalation, and the US plans to add more tariffs on October 1.

The exemptions, effective from September 17 to September 16 2020, will cover 16 categories of products worth about $1.65 billion, according to Bloomberg calculations based on China's 2018 trade data. Chinese importers will be eligible for refunds of duties already imposed on 12 of the 16 products.

According to the Chinese Foreign Ministry, Xi had a telephone conference with Trump on June 18, during which he expressed China's hope that "the US side can treat Chinese firms in a fair manner".

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.

Trump has imposed or announced penalties on about $550 billion of Chinese products, or nearly everything the United States buys from China.

However, a survey by a prominent American business association showed yesterday that the trade war is souring the profit and investment outlook for U.S. companies operating in the world's second-biggest economy.

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