Money: China exempts some U.S. goods from retaliatory tariffs as fresh talks loom - PressFrom - Canada
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MoneyChina exempts some U.S. goods from retaliatory tariffs as fresh talks loom

13:17  11 september  2019
13:17  11 september  2019 Source:   reuters.com

Chinese exports to the US tanked in August as Trump's trade-war tariffs hit demand

Chinese exports to the US tanked in August as Trump's trade-war tariffs hit demand Chinese imports of American goods also dropped sharply, suggesting the trade war is hurting both countries.

China announced exemptions for 16 types of U . S . products from additional retaliatory duties, in a move that comes as trade negotiators from the two China has imposed several rounds of duties on U . S . goods in retaliation against U . S . Section 301 tariffs , beginning last year in July and August with

An increase in Chinese tariffs on most U . S . imports on a billion target list took effect as planned on Saturday, with Beijing retaliating against Washington' s escalation in the trade war between the world' s two largest economies. The tariffs , announced on May 13 and taking effect as of midnight.

China exempts some U.S. goods from retaliatory tariffs as fresh talks loom© Reuters/Aly Song Containers are seen at the Yangshan Deep Water Port in Shanghai

BEIJING (Reuters) - China announced its first batch of tariff exemptions for 16 types of U.S. products, days ahead of a planned meeting between trade negotiators from the two countries to try and de-escalate their bruising tariff row.

The exemptions will apply to U.S. goods including some anti-cancer drugs and lubricants, as well as the animal feed ingredients whey and fish meal, the Ministry of Finance said in a statement on its website on Wednesday.

Beijing said in May that it would start a waiver program, amid growing worries over the cost of the protracted trade war on its already slowing economy.

Trump delays tariff hikes by two weeks in 'good will' gesture to China

Trump delays tariff hikes by two weeks in 'good will' gesture to China Trump delays tariff hikes by two weeks in 'good will' gesture to China

Chinese Premier Li Keqiang now says a trade war benefits no one. His comments come after the U . S . implemented fresh tariffs on Chinese imports. China ' s General Administration of Customs says Beijing has already begun implementing levies on some American goods in retaliation .

An increase in Chinese tariffs on most U . S . imports on a billion target list took effect as planned on Saturday, with Beijing retaliating against No further trade talks between top Chinese and U . S . negotiators have been scheduled since the last round ended in a stalemate on May 10, the same day

Some analysts view the move as a friendly gesture but don't see it as a signal that both sides are readying a deal.

"The exemption could be seen as a gesture of sincerity toward the U.S. ahead of negotiations in October but is probably more a means of supporting the economy," ING's Greater China economist Iris Pang wrote in a note.

"There are still many uncertainties in the coming trade talks. An exemption list of just 16 items will not change China's stance," she said.

Indeed, the exempted list pales in comparison to over 5,000 types of U.S. products that are already subject to China's additional tariffs. Moreover, major U.S. imports, such as soybeans and pork, are still subject to hefty additional duties, as China ramped up imports from Brazil and other supplying countries.

U.S. excludes another 437 Chinese-made product types from Trump's tariffs next month

  U.S. excludes another 437 Chinese-made product types from Trump's tariffs next month The U.S. has exempted another 437 types of products from China from the tariffs Washington had previously threatened to impose on them, in the latest sign that the combatants in the Sino-American trade war are perhaps becoming gun-shy.According to documents posted on the website of the Office of the U.S. Trade Representative on Friday, the agency has granted temporary exemptions to hundreds of products that had previously been slated to have tariffs of between 10 and 25 per cent imposed on them under proclamations that U.S. President Donald Trump has made in recent months.

China ' s General Administration of Customs says Beijing has already begun implementing levies on some American goods in retaliation for US ' China tariffs .

China has announced a plan to impose new tariffs on billion of American goods , in retaliation for the latest tariff threats from the Trump Retaliatory tariffs were necessary, China says, to "defend Those tariffs have already started to affect some businesses, though only a small fraction of the U . S

Beijing has said it would work on exempting some U.S. products from tariffs if they are not easily substituted from elsewhere. The United States is by far China's largest supplier of whey, which is an important ingredient in piglet feed and difficult to source in large volumes from elsewhere.

Analysts have noted that with duties on soybeans and other key imports such as U.S.-made cars, China is taking aim at a key political support base of U.S. President Donald Trump, mainly the factories and farms across the Midwest and South at a time of receding momentum in the world's top economy.

China has imposed several rounds of duties on U.S. goods in retaliation against U.S. Section 301 tariffs, beginning last year in July and August with a 25% levy on about $50 billion of U.S. imports.

In all, the world's two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars worth of goods in a bitter trade war that has dragged on for well over a year and raised the specter of a global recession.

China's trade with US shrinks as tariff war worsens

China's trade with US shrinks as tariff war worsens BEIJING — China's trade with the United States is falling sharply as the two sides prepare for more negotiations with no sign of progress toward ending a worsening tariff war that threatens global economic growth. Imports of U.S. goods fell 22% in August from a year earlier to $10.3 billion following Chinese tariff hikes and orders to companies to cancel orders, customs data showed Sunday. Exports to the United States, China's biggest market, sank 16% to $44.4 billion under pressure from punitive tariffs imposed by President Donald Trump in a fight over Beijing's trade surplus and technology ambitions. Beijing is balking at U.S.

China quickly announced it would impose retaliatory tariffs of the same size. China had earlier threatened to retaliate forcefully for any tariffs , listing U . S . products that range from sorghum, soybeans, meat and whiskey to airplanes and cars.

China reacted angrily to the Trump administration’ s new tariff plans for 0 billion in Chinese goods , calling the move a “totally unacceptable” escalation and vowing to roll China has pledged to retaliate against U . S . tariffs in “equal scale and equal strength.” In addition to tariffs , here are three ways

The items on the two tariff exemption lists - posted on the ministry's website - will not be subject to additional duties imposed by China on U.S. goods "as countermeasures to U.S. Section 301 measures", the ministry said in its statement.

The exemption will take effect on Sept. 17 and be valid for a year through to Sept. 16, 2020, it said.

ING's Pang noted the United States had also exempted imports of 110 Chinese products from tariffs in July, including high-value products such as medical equipment and parts.

TALKS

Wednesday's announcement comes before Chinese trade deputies are expected to meet with their U.S. counterparts in mid-September in Washington. That will be followed by highly-anticipated minister-level meetings in early October in the U.S. capital, involving Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

Trump's 15% tariffs on $112B in Chinese goods take effect

Trump's 15% tariffs on $112B in Chinese goods take effect WASHINGTON — The Trump administration's latest round of tariffs on Chinese imports took effect early Sunday, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer goods in advance of the holiday shopping season. The 15% taxes apply to about $112 billion of Chinese imports. All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes. The administration had largely avoided hitting consumer items in its earlier rounds of tariff hikes. But with prices of many retail goods now likely to rise, the administration's move threatens the U.S.

China on Friday announced new retaliatory tariffs against the United States on more than 5,000 U . S . goods worth billion. " China was forced to take the countermeasures" in reaction to Trump saying he was considering raising tariffs on 0 billion of Chinese goods from 10 percent to 25 percent

China urged trade talks with the U . S . to prevent greater damage to relations while saying that previously announced retaliatory measures on The U . S . has since announced some exceptions for allies, including Canada and Australia. China on Sunday said the tariffs “caused serious damage” to

Beijing and Washington were close to a deal last spring but U.S. officials said China backed away from an agreed text over a reluctance to change laws to address U.S. complaints.

The South China Morning Post reported https://bit.ly/2manJ5q, citing an unidentified source, that China was expected to buy more agricultural products in hopes of a better trade deal with the United States.

But senior White House adviser Peter Navarro tamped down expectations for the next rounds of trade talks, urging investors, businesses and the public to be patient about resolving trade dispute.

The Finance Ministry said it will consider more products to be exempted and will make further announcements "at appropriate times".

Earlier on Wednesday, a survey by a prominent American business association showed the trade war is souring the profit and investment outlook for U.S. companies operating in the world's second-biggest economy.

(Reporting by Se Young Lee, Judy Hua, Dominique Patton, Yawen Chen, Huizhong Wu; Writing by Yawen Chen; Editing by Shri Navaratnam)

In escalating trade war, US consumers may see higher prices.
WASHINGTON — The United States and China on Sunday put in place their latest tariff increases on each other's goods, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items before the holiday shopping season. President Donald Trump said U.S.-China trade talks were still on for September. "We'll see what happens," he told reporters as he returned to the White House from the Camp David presidential retreat. "But we can't allow China to rip us off anymore as a country." The 15% U.S. taxes apply to about $112 billion of Chinese imports.

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