• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy
ABOUT
Advertise in GAT
Contact us
Tuesday, June 28, 2022
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
Home Business

China exempts some U.S. goods from retaliatory tariffs as fresh talks loom

Georgia Asian Times by Georgia Asian Times
September 11, 2019
in Business, Headline

Image processed by CodeCarvings Piczard ### FREE Community Edition ### on 2018-06-03 09:47:00Z | http://piczard.com | http://codecarvings.com

Share on FacebookShare on Twitter

Washington DC-Beijing, Sept 11, 2019 – President Donald Trump on Wednesday welcomed China’s decision to exempt some U.S. anti-cancer drugs and other goods from its tariffs, days ahead of a planned meeting aimed at defusing a trade war between the world’s two largest economies.

That was a “big move” by China and a positive gesture before trade negotiators from both countries meet in Washington, Trump told reporters at the White House.

China on Wednesday announced its first batch of tariff exemptions for 16 types of U.S. products, including some anti-cancer drugs and lubricants, as well as animal feed ingredients whey and fish meal, according to a Ministry of Finance statement on its website.

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.

AD: High Museum of Atlanta

“They made a couple of moves … that were pretty good,” Trump said at an unrelated event on vaping. “I think it was a gesture, okay? But it was a big move.”

Trump said he hoped to reach a trade agreement with China after over a year of tit-for-tat tariffs that have roiled global markets.

“I deal with them and I know them and I like them,” he said. “I hope we can do something.”

Deputy trade negotiators are due to meet in Washington in mid-September, with minister-level talks to follow in October. Exact dates for the meetings have not been released.

Some analysts view Beijing’s 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 towards 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 has ramped up imports from Brazil and other supplying countries.

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 say that with its duties on soybeans and U.S.-made cars, China is taking aim at a key political support base of 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 United States and China have slapped tariffs on hundreds of billions of dollars worth of goods in a bitter trade war that has raised the specter of a global recession, with further tariffs slated to take effect in coming months.

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 items such as medical equipment and parts.

TALKS

Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are expected to meet in early October in the U.S. capital, but key officials are tamping down expectations for a major accord.

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.

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 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.

Senior White House adviser Peter Navarro this week urged investors, businesses and the public to be patient about the trade dispute.

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

Previous Post

‘Ultraman Buddha’ art in Thailand prompts police complaint

Next Post

Trump administration announces plans to ban flavored e-cigarettes from market

Georgia Asian Times

Georgia Asian Times

Related Posts

Toyota recalls electric car for faulty wheel that may detach
Business

Toyota recalls electric car for faulty wheel that may detach

June 26, 2022
Asian American youth encounter struggles with entering the workforce
Business

Asian American youth encounter struggles with entering the workforce

June 20, 2022
Fed attacks inflation with its largest rate hike since 1994
Business

Fed attacks inflation with its largest rate hike since 1994

June 15, 2022
China’s economy grows 8.1% in 2021, slows in second half
Business

World Bank dims outlook for global economy amid Russia war

June 7, 2022
Apple offers glimpse at upcoming changes to iPhone software
Business

Apple offers glimpse at upcoming changes to iPhone software

June 7, 2022
Sen. Ossoff Meets with Key U.S.-Japan Business Leaders in Georgia
Business

Sen. Ossoff Meets with Key U.S.-Japan Business Leaders in Georgia

June 6, 2022
Next Post

Trump administration announces plans to ban flavored e-cigarettes from market

Signup Free E-Newsletter

Upcoming Events

Jul 15
6:00 pm - 10:00 pm

GAT 25 Most Influential Asian Americans in Georgia-2022 Awards Gala

Sep 17
September 17 @ 11:00 am - September 18 @ 6:00 pm

JapanFest 2022

View Calendar

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most influential Asian American in Georgia Awards Gala

2022 GAT 25 Most Influential Asian Americans in Georgia

May 1, 2022
Home

Record turnout at annual GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2021

2021 GAT 25 Most Influential Asian Americans in Georgia

April 30, 2021

LINKS OF INTEREST

ATL Asian Film Festival

GAT on Facebook

  • Contact Us
  • Advertise in GAT
  • ABOUT

© 2022 Georgia Asian Times - empowered by 8SOL

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy

© 2022 Georgia Asian Times - empowered by 8SOL

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist