Quantcast
Connect with us

China to exempt 16 categories of US products from tariffs

Published

on

China announced Wednesday it would exempt 16 categories of products from US tariffs, ahead of a fresh round of trade talks next month.

Beijing and Washington have been embroiled in a year-long trade war that has seen the two sides slap punitive tariffs on hundreds of billions of dollars in two-way trade.

The exemptions announced Wednesday will become effective on September 17 and be valid for one year, according to the Customs Tariff Commission of the State Council, which released two lists that include seafood products and anti-cancer drugs.

ADVERTISEMENT

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

Other categories that will become exempt include alfalfa pellets, fish feed, medical linear accelerators and mould release agents.

Wednesday’s lists do not include big-ticket items such as soybeans and pork.

But in the statement, the commission said it was also considering further exemptions.

Trade negotiators have said they will meet in Washington in early October, raising hopes for an easing of tensions between the world’s two biggest economies.

ADVERTISEMENT

Both sides imposed fresh tit-for-tat tariffs on September 1.

In a sign of the pressure being felt by the Chinese economy, the central People’s Bank of China said on Friday it would cut the amount of cash lenders must keep in reserve, allowing an estimated $126 billion in additional loans to businesses.

China’s economic growth came in at 6.2 percent in the second quarter, the lowest rate in nearly three decades.

ADVERTISEMENT

President Donald Trump on Friday said the weight of the protracted trade war is damaging China more than the US.

“China is eating the tariffs,” he said on Twitter, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian giant, without costs being passed on to US consumers.

ADVERTISEMENT

But experts have warned there are signs the US is also feeling the pinch, with job creation slowing across major industries last month.


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Italy’s COVID-19 death toll tops 10,000 despite long coronavirus lockdown

Published

on

The coronavirus toll in Italy shot past 10,000 on Saturday and showed little sign of slowing despite a 16-day lockdown.

The 889 new fatalities reported in the world's worst-hit nation came a day after it registered 969 deaths on Friday -- the highest single toll since the COVID-19 virus emerged late last year.

Italy now looks certain to extend its economically debilitating -- and emotionally stressful -- business closures and the ban on public gatherings past their April 3 deadline.

"Is it time to reopen the country? I think we have to think about it really carefully," civil protection service chief Angelo Borrelli told reporters.

Continue Reading

2020 Election

Joe Biden has one key coronavirus question he wants answered: ‘Where are the tests, Mr. President?’

Published

on

Despite the inability to hold campaign rallies, the 2020 presidential campaign is continuing in spite of the COVID-19 coronavirus crisis.

With the response to coronavirus being the top public policy discussion in America, all eyes are focused on President Donald Trump's actions.

Trump had promised the nation that he would set up COVID-19 drive-thru testing sites in the parking lots of big-box retailers but has so far failed to deliver.

Continue Reading
 

Breaking Banner

Banks are causing a cash crisis by tightening lending standards during coronavirus crisis

Published

on

Major banks in America are tightening access to credit as coronavirus shutdowns put households across America in dire financial shape, The Wall Street Journal reported Saturday.

"Banks and financial-technology firms are starting to toughen their approval standards for new loans to consumers and small businesses. That means many people could find it hard to get credit just when they most need it, as the novel coronavirus pandemic puts thousands out of work," the newspaper reported.

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image