China to exempt 16 categories of U.S. products from tariffs

Donna Grethen  Op-Art

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.

Trump said the request was made "due to the fact that the People's Republic of China will be celebrating their 70th Anniversary" on October 1.

Earlier, China on Wednesday unveiled the first set of USA goods to be excluded from the first round of additional tariffs on U.S. products, which Trump described as a goodwill gesture.

The president called the postponement a "gesture of good will" in his tweet.

Today's exemptions apply to the round of tariffs China imposed on USA goods starting last July in retaliation for higher US levies.

Describing this as a goodwill gesture, Trump said on Wednesday night that he had moved the increased tariffs on United States dollars 250 billion worth of goods from October 1 to October 15.

Earlier on Wednesday, China announced it would exempt food for livestock, industrial lubricants, cancer drugs, and 13 other types of USA goods from additional tariffs starting on September 17 and extending for a full year.

The gestures may ease tensions ahead of the negotiations, but some analysts don't see it as a signal that both sides are readying a deal.

July marked the first full month of data collected after tariffs on many of those products increased from 10% to 25% earlier this year.

Beijing has said it would work on exempting some USA products from tariffs if they are not easily substituted from elsewhere.

The Chinese Commerce Ministry responded Thursday morning saying that it welcomes a delay in US tariffs on Chinese goods.

In a sign of the economic pressure being felt by the Asian giant, the central People's Bank of China said on Friday it would lower the required amount of cash that lenders must keep in reserve, allowing for an estimated Dollars 126 billion in additional loans to businesses.

Trump has long accused China of intellectual property theft and manipulating its currency to make its goods cheaper than American products on the world market. Beijing said in May that it would start a waiver programme, amid growing worries over the cost of the protracted trade war on its already slowing economy.

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