China and Trump Exchange Goodwill Gestures on Tariffs

President Donald Trump tweeted the news that he was delaying tariff increases slated for Oct. 1

President Donald Trump tweeted the news that he was delaying tariff increases slated for Oct. 1

Thursday's soybean deals were the largest among private Chinese importers since Beijing raised import tariffs by 25% on USA soybeans in July 2018 in retaliation for US duties on Chinese goods.

"China is eating the tariffs", he tweeted Friday, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian nation, without passing costs on to USA consumers.

The two sides are expected to meet in Washington early next month but haven't announced a date.

The statement from China followed President Donald Trump's decision Wednesday to postpone a planned tariff hike on Chinese imports by two weeks.

Earlier on Wednesday, China announced a range of USA goods to be exempted from 25 per cent extra tariffs put in place past year, as the government seeks to ease the impact from the trade war.

Asian stocks rose on Thursday, while China's yuan currency was also up 0.27 percent in offshore trade, as investors hoped for a thaw in U.S.

"There have been so many ups and downs in the talks that it is hard to predict whether the new conciliatory actions will lead to a deal", said DeBusk, a former Commerce Department trade official.

Washington and Beijing have placed tariffs on billions of dollars worth of goods during trade dispute, with more tariffs due to take effect in the coming months.

"The negotiators have had a year to come to an agreement, and they remain structurally at odds on key issues", said Andrew Polk, co-founder of research firm Trivium China in Beijing.

Trump administration officials have discussed offering a limited trade agreement to China that would delay and even roll back some United States tariffs for the first time in exchange for Chinese commitments on intellectual property and agricultural purchases, according to five people familiar with the matter.

Tariffs Hurt the Heartland estimates that the US trade war with China has cost Americans over $30 billion in additional import tariffs from the start of the trade war to July.

China has largely turned to South America for soybeans since the trade war began. "He's prepared to raise tariffs if we need to raise tariffs".

"According to my understanding, Chinese firms have started to inquire about prices for United States agricultural goods", Gao noted. 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.

"It should be seen as a goodwill gesture the US side made for creating good vibes for the trade talks scheduled in early October", said Hu, who is believed to have sources high in the Chinese government.

The U.S. -China talks have basically gone nowhere for four months.

The lists mark the first time Beijing has announced products to be excluded from tariffs.

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