China exempts 16 types of USA goods from additional tariffs

Chinese Premier Li Keqiang talks with Executive Vice President and Head of International Affairs at the U.S. Chamber of Commerce Myron Brilliant during a meeting with a group of U.S. entrepreneurs at Zhongnanhai in Beijing China Sept. 10 2019

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.

China reduced purchases of US farm products in August, after Trump vowed to impose new tariffs on around $300 billion of Chinese goods, blaming Beijing for not having fufilled a promise to buy large volumes of USA farm products and abruptly dimming prospects of a trade deal.

Trump made the announcement in a late Wednesday tweet, saying Chinese Vice Premier Liu He asked for the delay in time for the People's Republic of China's 70th anniversary October 1.

Earlier, China released a list of 16 U.S. imports that will be exempted from tariffs including anti-cancer drugs and animal feed.

The Chinese Finance Ministry announcement earlier the in day mostly impacts small items such as fish food, cancer medicine, lubricant oil and various chemicals.

China announced a range of US goods to be exempted from 25 per cent extra tariffs put in place past year, as the government seeks to ease the impact from the trade war without lifting charges on major agricultural items like soybeans and pork.

Donald Trump said he hoped to reach a trade agreement with China following more than a year of tit-for-tat exchanges of tariffs that have roiled global markets.

China Vice Premier Lui He and President Donald Trump
US-China Trade War: Beijing Exempts 16 Items From Retaliatory Tariffs Ahead Of Talks

The US Trade Representative's Office has announced six rounds of exclusions from the punitive tariffs on $34bn of Chinese goods since December.

Deputy trade negotiators are due to meet in Washington in mid-September, with minister-level talks to follow in October. Moreover, major U.S. 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.

Stock markets in Asia rose on the news in early Thursday trade, as the concessions came days ahead of a planned meeting aimed at defusing the escalating trade war between the world's two largest economies.

Against that backdrop, both sides are preparing to return to the negotiating table. In total, Trump has imposed or announced penalties on about $550 billion of Chinese products, or nearly everything the USA buys from the world's No. 2 economy.

Instead, Mr Trump says, that will be delayed until October 15.

Reducing America's soaring trade deficit with China has always been a principal aim in Trump's trade battle with Beijing, which he also accuses of stealing American technology and unfairly intervening in markets.

Trump has said the protracted trade war is damaging China more than the United States.

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