0 $
2,350 $
4,700 $
1,122 $
COLLECTED IN SEPTEMBER

China Waives Tariffs On 16 Types Of US Goods In Latest Attempt To ‘Sweeten’ Trade Deal

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Originally appeared at ZeroHedge

For the first time since the US-China trade war began, Beijing has waived import tariffs on more than a dozen US goods, FT reports.

Beginning Sept. 17, China will remove 25% tariffs on 16 types of US exported goods for one year – a sign of good will ahead of talks between US and Chinese trade delegations.

China Waives Tariffs On 16 Types Of US Goods In Latest Attempt To 'Sweeten' Trade Deal

Cancer drugs, lubricant oils and a handful of chemicals which China either doesn’t produce itself or can’t easily replace by buying from other countries made it on the list.

No major US items, like soybeans or pork, were included in the list of excluded items, as Beijing has turned to other countries like Argentina and Brazil to source many of these products.

China’s State Council, which made the announcement, said it expects to release more lists of exempted goods in the near future, according to CNN.

Ahead of a trip to Washington by China’s top trade negotiators next month, lower-level Chinese delegates are expected to resume talks with their US counterparts this week or next.

Ultimately, the Chinese are hoping to see Washington roll back the ‘black-listing’ of Huawei.

“The Chinese are waiting to see what the US does on Huawei,” said one person briefed on the talks.

The next round of US tariff hikes is expected to take effect on Oct. 1, the same day that the CCP will celebrate its 70th anniversary of the founding of the People’s Republic of Chin in 1949.

Yesterday, US stocks pumped, then dumped, on the ‘old’ news that Beijing would try to “sweeten” the deal for the US by buying more agricultural products.

Following the announcement, President Trump tweeted a quote attributed to CNBC’s Joe Kernan where he speculated that the impact on supply chains from the tariffs had become a problem for China.

Meanwhile, Global Times editor Hu Xijin tweeted a preview of the plan…

…Then, hours later, Hu tweeted a rebuttal at President Trump.

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  • Toronto Tonto

    Boycott ALL that is Chinese or Russian , its all junk .

  • IMHO

    This is smart on China’s part. Why penalize your own citizens on important goods. When they find new suppliers or build what’s needed to provide it for themselves then they should lay massive tariffs on those products.
    And all the while prices imposed on Americans by Trump’s tariffs will seriously effect buying habits which will result in further economic turn down.

    • Bill Wilson

      China isn’t going to bother with trying to reproduce those specialty products on their own since few if any elsewhere in the World is attempting that. They see no sense in spending huge sums of money to replicate products that have a limited annual sales in markets that are hard to enter.

  • RichardD

    If Trump really believes these types of anti China economic tweets about the negative impact that the trade war is having on the Chinese economy. He should provide some credible proof to back up his claims. Because with his credibility deficit. Many if not most people simply don’t believe him.

  • RichardD

    For the planet’s two largest economies China has the world’s largest gold and foreign reserves holdings. Aka cash in the bank. The US has the world’s largest national debt. If the Chinese economy was doing so poorly and the US so great. It would be the other way around.

  • Xoli Xoli

    Quality vs Quantity buy and dump fonkong rubbish.If you buy Chinese speak English when you return their only speak Chinese.

    Chinese never give receipts.