In Goodwill Gesture, Trump Delays Higher Chinese Tariffs for Two Weeks

Shipping containers to be imported to China

Vice Premier Liu He said on Thursday that Chinese and USA officials will meet next week to discuss topics, including trade balance, market access and investor protection, Xinhua news agency reported.

China said it would reduce purchases of USA farm products in August after Trump vowed to impose new tariffs on around $300 billion of Chinese goods. China said it's fully prepared to respond and is suspending purchases of US agricultural products.

"Chinese companies have started making enquiries on the procurement of U.S. agricultural products", Chinese commerce ministry spokesman Gao Feng told a regular briefing Thursday.

US President Donald Trump has announced to delay his proposed in massive increase in Chinese import tariffs by 15 days. The U.S. Trade Representative's Office has announced six rounds of exclusions for the punitive tariffs on $34 billion in Chinese goods since December.

Beijing and Washington were close to a deal last spring but USA officials said China backed away from an agreed text over a reluctance to change laws to address US complaints.

When those talks fell apart in May the two sides were circulating a 150-page draft agreement and White House officials have repeatedly said they were 90% of the way to securing a deal. He told CNBC that Trump was prepared to keep or even raise tariffs on Chinese imports and that Beijing had asked for more concessions beyond the removal of tariffs.

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Meanwhile the USA president maintains that the protracted trade war is damaging China more than the United States, and China is "eating the tariffs". "We'll see what happens".

The Xinhua News Agency, citing unidentified official sources, said soybeans, pork and some other farm goods will be exempt from tariff hikes. "The measures will benefit some companies from both China and the USA".

The discussions come amid growing evidence that the Chinese, U.S. and global economies are feeling the negative effects of the disputes. "China hopes the United States will be true to its word, make progress on its commitments and create favorable conditions for bilateral agricultural cooperation". In the USA, factory activity unexpectedly contracted in August for the first time in three years, underscoring how slowing global growth and an escalating US trade war with China are taking an even bigger toll on domestic producers.

The $6.8 billion businesses paid in July only reflects the tariff rate increase from 10% to 25% that occurred on May 10 on $250 billion in imports from China. The world's biggest consumer of pork accounted for about half of global demand previous year, while it produced about 54 million tons, Citigroup said.

If the United States proceeds with its threat to impose tariffs on an additional $300billion (R4 trillion) worth of Chinese goods, it could lead to a global recession in as little as nine months - that is, according to the chief economist at Morgan Stanley, Chetan Ahya. "I think it was a gesture, OK?"

China has imposed several rounds of tariffs on USA imports in the ongoing tit-for-tat dispute between the two countries.

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