China tariffs to exempt some USA products

Galtero Lara
Setiembre 12, 2019

The long-running trade war between China and the U.S. has seen them swap tariffs on goods worth hundreds of billions of dollars.

Trump said the postponement of the tariff hike from October 1 to October 15 came "at the request of the Vice Premier of China, Liu He, and due to the fact that the People's Republic of China will be celebrating their 70th Anniversary".

China said it would exclude 16 categories of products from retaliatory tariffs beginning next week ahead of talks to resolve the U.S. China trade war that has proven a drag on both countries' economies.

American farmers have born the brunt of the US-China trade spat, especially after US soy exports collapsed last year, virtually wiping out foreign markets farmers had spent years cultivating.

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China said on Wednesday that it would exempt some USA imports from tariffs as Beijing and Washington prepare to restart trade talks next month - but will keep the penalties on farm-friendly goods soybeans, corn and pork.

President Donald Trump said he was postponing the imposition of 5% extra tariffs on Chinese goods by two weeks, a move that delays the next escalation of the trade war and brightens the backdrop for upcoming trade negotiations. Moreover, major USA imports, such as soybeans and pork, are still subject to hefty additional duties, as China has ramped up imports from Brazil and other supplying countries.

China has imposed several rounds of duties on US goods in retaliation against US Section 301 tariffs, beginning past year in July and August with a 25 per cent levy on about $50 billion of US imports.

In a sign of the economic pressure being felt by the Asian giant, the central People's Bank of China said on Friday it would lower the required amount of cash that lenders must keep in reserve, allowing for an estimated United States dollars 126 billion in additional loans to businesses. The data shows that tariffs cost American business and consumers $6.8 billion in July, the highest monthly total in USA history.

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