China may resume purchasing USA farm goods

Donna Grethen  Op-Art

Donna Grethen Op-Art

Mr Trump said the postponement came "at the request of the Vice Premier of China, Liu He, and due to the fact that the People's Republic of China will be celebrating their 70th Anniversary".

China says it will exempt a selection of U.S. products from retaliatory tariffs.

Other categories that will become spared include alfalfa pellets, fish feed, medical linear accelerators and mold release agents, and the commission said it was also considering further exemptions.

The ministry said items on the two tariff exemption lists posted on its website will not be subject to additional duties imposed by China on US goods "as countermeasures to US Section 301 measures", it said.

In a tweet, Mr Trump said a 5% increase to duties scheduled for 1 October will be postponed for two weeks.

AUD/USD has climbed almost 3% since bottoming earlier this month.

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China and the USA are preparing to meet in Washington in October for the next round of talks regarding their ongoing trade and tariff dispute. Moreover, major United States 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.

The gestures may ease tensions ahead of the negotiations, but some analysts don't see it as a signal that both sides are readying a deal.

"Beijing is prepared for a continuation of tariffs and hostile rhetoric through 2020". President Trump, who has threatened to raise those tariffs to 30%, has long held that trade wars "are easy to win" but talks with Beijing have proved more complicated than he anticipated.

Trump escalated the U.S.

Trump has long accused China of intellectual property theft and manipulating its currency to make its goods cheaper than American products on the world market.

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