China Removes US Seafood Products, Anti-Cancer Drugs From Tariffs List

Image Shutterstock

Image Shutterstock

China and the USA 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 exemption will come into force on September 17 and will be valid for a year.

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. Face-to-face negotiations between top officials will be restarted in early October.

"I can't believe what President Trump says" concerning trade negotiations, Xi was quoted as telling Abe during a meeting on the fringe of the Group of 20 summit in Osaka.

China has raised duties on about $120 billion of USA imports, economists estimate.

The exemptions will apply to goods including lubricants, anti-cancer drugs and animal feed ingredients whey and fish meal, Reuters reported.

The Chinese government began accepting applications for tariff exemptions in May, but it is the first time they have stated which products will be excluded.

It said Beijing had been sounding a more "constructive" note in recent weeks over trade relations. The US Trade Representative's Office has announced six rounds of exclusions from the punitive tariffs on $34bn of Chinese goods since December.

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China's State Council has exempted some tariffs on U.S. goods.

In their latest escalation, Washington imposed 15% tariffs on $112 billion of Chinese imports on September 1 and is planning to hit another $160 billion December 15.

Trump has warned China will face a tougher US negotiating stance if he is reelected.

Beijing has hit back with tariffs ranging from 5% to 25% on USA goods.

Although Abe told Xi that Trump trusts the Chinese president, Xi continued to air his grievances about his US counterpart, the diplomatic source told Kyodo News.

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

Goods on the second list won't be eligible for tariff refunds, the Chinese Finance Ministry said.

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

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