China scraps some U.S. tariffs ahead of trade talks

Donald Trump said the delay in tariffs was a

Donald Trump said the delay in tariffs was a"gesture of good will Credit Reuters

"China has a huge market, and the prospects for importing high-quality USA farm produce are broad", Xinhua said.

At China's request, President Trump said Wednesday that the increase in tariffs on $250 billion in Chinese exports will be moved from October 1 to October 15.

In exchange, China has offered to buy a limited amount of US agricultural goods with the expectation that the United States would eventually relax export controls on the Chinese tech giant Huawei. 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.

"It is expected that China will be buying large amounts of our agricultural products!", he posted on his Twitter page. He also said that China welcomed the United States delay to its scheduled tariff hike on billions of dollars worth of Chinese goods.

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Does that mean the trade war is ending? US equities and Asian stock futures advanced after news of the discussions.

The goods exempted from additional tariffs this week by China included pharmaceuticals, lubricant oil, alfalfa, fish meal and pesticides. While he has insisted that the USA economy is strong, Trump has also called increasingly loudly for the Federal Reserve to take what would normally amount to emergency measures to boost growth.

US President Donald Trump said on Thursday he would consider a tentative trade agreement with China. Mid-level teams will meet soon to prepare for higher level talks, he said, reiterating that both sides are communicating without giving a date for the meeting between the top negotiators.

Possible purchases of USA farm goods included pork and soybeans, Gao said, both of which are still subject to hefty Chinese duties. Prices had jumped 3.3% on Thursday and hog futures rose the most allowed by the exchange amid optimism that China will boost imports of American farm products in a bid to ease trade tensions. Some have been hit with increases a few times, while about $50 billion of USA goods is unaffected, possibly to avoid disrupting Chinese industries. The cargoes would be from the Pacific Northwest.

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Chinese importers are asking USA suppliers for prices of soybeans, pork and other farm goods, the Commerce Ministry said Thursday, in a possible goodwill gesture ahead of talks aimed at ending a tariff war. While that move may create some good will in Washington, China didn't exempt agricultural goods produced in key Trump-supporting states.

Trump and China Premier Xi "have embarked on a risky game of economic chicken", Zandi wrote in the report. The International Monetary Fund on Thursday forecast that United States and Chinese tit-for-tat tariffs could reduce global GDP in 2020 by 0.8% and trigger more losses afterward.

Asked whether the purchases were part of a deal to relax USA sanctions against Chinese tech giant Huawei, Gao said, "I don't know that such negotiating conditions exist". "The clock is ticking and Trump's approval ratings are sliding, with manufacturing now in recession". But relations deteriorated and talks stalled after the US accused China of reneging on earlier commitments.

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