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US, China exchange goodwill gestures on tariffs

US, China exchange goodwill gestures on tariffs

Mubasher: US President Donald Trump praised Beijing’s decision to exempt some US products, including anti-cancer drugs from its additional tariffs, as a “big move,” Reuters reported.

China’s Finance Ministry on Wednesday announced its first list of tariff exemptions for 16 types of US goods. The decision will take effect on 17 September and will be valid for a year.

“They made a couple of moves [...] that were pretty good,” President Trump was quoted by the news agency.

Moreover, Washington agreed to postpone the implementation of tariff hikes on a $250 billion worth of Chinese goods to 15 October “as a gesture of good will,” Trump said on Wednesday via Twitter.

Such tariffs were due to rise to 30% from 25% on 1 October.

In addition, the US president hoped to ink a trade deal with China after a tit-for-tat tariff war that persisted for more than a year and roiled global markets.

In response to such concessions, Asian stock markets rallied earlier on Thursday, while the Chinese yuan (CNY) rose by 0.27% in offshore trade.

Deputy trade negotiators from both sides are scheduled to meeting Washington in mid-September, while a minster-level talks will follow in October.

US Trade Representative Rober Lighthizer and Treasury Secretary Steven Mnuchin are due to meet Chinese Vice Premier Liu He in early October in Washington.