China keeps penalties on US pork, soy, eases some others

Traders work on the floor at the New York Stock Exchange Sept 9 2019

Beijing and Washington 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.

Beijing will lift tariffs for a year on 16 American products, including animal feed, oils and cancer drugs, from next Tuesday.

Negotiators are preparing for talks in Washington aimed at ending the tariff war over trade and technology that threatens global economic growth. Face-to-face negotiations between top officials will be restarted in early October.

President Donald Trump on Friday said the weight of the protracted trade war is damaging China more than the US. Punitive duties on soybeans, the biggest US export to China, and thousands of other imports were left unchanged. That will be followed by highly-anticipated minister-level meetings in early October in the U.S. capital, involving Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Indeed, the exempted list pales in comparison to over 5,000 types of usa products that are already subject to China's additional tariffs.

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

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The South China Morning Post reported, citing an unidentified source, that China was expected to buy more agricultural products in hopes of a better trade deal with the United States.

In their latest escalation, Washington imposed 15% tariffs on $112 billion of Chinese imports on September 1 and is planning to hit another $160 billion December 15.

The American Chamber of Commerce in Shanghai's annual China Business Report also found that 75 percent of USA firms opposed the U.S. use of punitive tariffs to force China into a trade deal and market-access reforms. Trump has warned China will face a tougher US negotiating stance if he is re-elected.

The Finance Ministry said it will consider more products to be exempted and will make further announcements "at appropriate times".

Xi reportedly went on to complain to Abe about how the Trump administration has continued to lambaste China at every turn for supporting state-owned companies with subsidies while "the U.S.is also supporting Boeing with subsidies", in reference to the Chicago-based plane builder.

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