Mubasher: China on Wednesday unveiled a plan to exempt certain US imports and firms from additional retaliatory tariffs, Reuters reported, citing a Finance Ministry statement.

The two tariff exemption lists, comprising 16 types of products such as lubricating oil, whey and fish meal, will not be subject to the duties imposed “as countermeasures to US Section 301 measures,” according to the ministry’s website.

The exemption is due to come into force as from 17 September, while it will be valid for a year ahead.

The move, which came as a goodwill gesture, will help cushion the hit to US companies the trade conflict between the world’s biggest economies.

The action came as Beijing and Washington are set to hold a new round of trade negotiations next October to hammer out a resolution to their bitter dispute.

In early August, the US announced 10% duties on $300 billion worth of Chinese goods as from 1 September, but levies on some items were delayed to 15 December to avoid the likely impact on US businesses and consumers.

In response, China imposed additional tariffs on $75 billion worth of US products.