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

Three-quarters of firms in the American Chamber of Commerce in Shanghai's survey are opposed to US tariffs being used to force a trade deal

Three-quarters of firms in the American Chamber of Commerce in Shanghai's survey are opposed to US tariffs being used to force a trade deal

China and the United States have been embroiled in a year-long trade war that has seen the two sides slap punitive tariffs on hundreds of billions of dollars in two-way trade.

The 16 category product exemption will become effective on Sept 17 and valid for a year.

Beijing said in May that it would start a waiver program, amid growing worries over the cost of the protracted trade war on its already slowing economy. Punitive duties on soybeans, the biggest USA export to China, and thousands of other imports were left unchanged.

Just last week, another round of tariffs on Chinese imports went into effect, placing duties on almost all goods imported into the USA, with another round coming on December 15 so as not to put a damper on consumer spending over the holidays.

Products covered by Wednesday's exemptions include lubricants, insecticides, and whey and fish meal for animal feed.

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These products will be exempt from additional tariffs although existing tariffs will not be subject to refunds.

So far, the U.S. has imposed tariffs on more than $360bn (£296bn) of Chinese goods, and China has retaliated with tariffs on more than $110bn of United States products.

Some U.S. tariffs across approximately $263 billion worth of annual imports from China - originally planned for a rate of 10% - took effect at a rate of 15% on September 1, after USTR announced increases.

Analysts have noted that with duties on soybeans and other key imports such as U.S. -made cars, China is taking aim at a key political support base of U.S. President Donald Trump, mainly the factories and farms across the Midwest and South at a time of receding momentum in the world's top economy.

ING's Pang noted the United States had also exempted imports of 110 Chinese products from tariffs in July, including high-value products such as medical equipment and parts.

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

But in the statement, the commission said it was also considering further exemptions.

China has raised duties on about $120 billion of US imports, economists estimate.

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.

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