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China scraps some US tariffs ahead of trade talks China scraps some US tariffs ahead of trade talks
(about 3 hours later)
China has released a list of 16 US imports that will be exempted from tariffs in the ongoing trade war between the world's two largest economies.China has released a list of 16 US imports that will be exempted from tariffs in the ongoing trade war between the world's two largest economies.
They include anti-cancer drugs and animal feed.They include anti-cancer drugs and animal feed.
But with more than 5,000 products on it, the list of goods that are still subject to extra taxes is much longer.But with more than 5,000 products on it, the list of goods that are still subject to extra taxes is much longer.
Nevertheless, some analysts view the move as a friendly gesture by China ahead of talks with the US. Nevertheless, some analysts view the move as a friendly signal by China ahead of talks with the US.
"The exemption could be seen as a gesture of sincerity towards the US ahead of negotiations in October but is probably more a means of supporting the economy," ING's China economist Iris Pang wrote in a note. On Tuesday, US President Donald Trump praised the decision, saying the "gesture" could help upcoming trade talks.
"There are still many uncertainties in the coming trade talks," she said, adding: "An exemption list of just 16 items will not change China's stance."
Significant US exports to China, like pork, soybeans and American-made cars, are among the goods that will still be hit by the hefty taxes.
China has imposed several rounds of tariffs on US imports in the ongoing tit-for-tat dispute between the two countries.
In July, the US exempted 110 Chinese-made products from tariffs. The list included things like medical equipment and parts.
Preliminary meetings are set to take place later this month in Washington before US treasury secretary Steven Mnuchin and trade representative Robert Lighthizer meet China's vice premier Liu He in October.Preliminary meetings are set to take place later this month in Washington before US treasury secretary Steven Mnuchin and trade representative Robert Lighthizer meet China's vice premier Liu He in October.
"They made a couple of moves last night that were pretty good," Mr Trump said. "I think they did the right thing."
Significant US exports to China, like pork, soybeans and American-made cars, are among the goods that will still be hit by the hefty taxes.
And ING's China economist Iris Pang noted that the exemptions will help China's own economy.
"There are still many uncertainties in the coming trade talks," she wrote in a note. "An exemption list of just 16 items will not change China's stance."
Over the past year, the world's two largest economies have imposed tariffs on billions of dollars worth of one another's goods.Over the past year, the world's two largest economies have imposed tariffs on billions of dollars worth of one another's goods.
Donald Trump has long accused China of unfair trading practices and intellectual property theft, while in China, there is a perception that the US is trying to stymie its growth.Donald Trump has long accused China of unfair trading practices and intellectual property theft, while in China, there is a perception that the US is trying to stymie its growth.
Mr Trump's tariffs policy aims to encourage consumers to buy American by making imported goods more expensive.Mr Trump's tariffs policy aims to encourage consumers to buy American by making imported goods more expensive.
So far, the US has imposed tariffs on more than $360bn (£296bn) of Chinese goods, and China has retaliated with tariffs on more than $110bn of US products.So far, the US has imposed tariffs on more than $360bn (£296bn) of Chinese goods, and China has retaliated with tariffs on more than $110bn of US products.
Washington delivered three rounds of tariffs last year, and a fourth one in September. The latest round targeted Chinese imports, from meat to musical instruments, with a 15% duty.Washington delivered three rounds of tariffs last year, and a fourth one in September. The latest round targeted Chinese imports, from meat to musical instruments, with a 15% duty.
Beijing has hit back with tariffs ranging from 5% to 25% on US goods.Beijing has hit back with tariffs ranging from 5% to 25% on US goods.
The US has also granted exemptions to the tariffs, including exempting items like medical equipment and parts.