Political Editors: Trump's Tariffs Taking Toll on Chinese Economy

China scraps some US tariffs ahead of trade talks

China scraps some US tariffs ahead of trade talks

The purchases were another indication that trade tensions between Washington and Beijing could be easing, after hitting a low last month when China suspended all US farm product purchases in response to threats by President Donald Trump to impose more tariffs on Chinese goods.

He said he would rather have a comprehensive deal but would consider an interim one.

China has imposed several rounds of duties on U.S. goods in retaliation against U.S. Section 301 tariffs, beginning past year in July and August with a 25 per cent levy on about $50 billion of U.S. imports.

Top Chinese officials are scheduled to arrive in the U.S. for talks early October.

The two sides are expected to meet in Washington early next month but haven't announced a date. "I hope we can do something". The new tariff hikes will instead begin on October 15. At the end of July, Warren rolled out a plan laying out a number of criteria, including environmental standards and labor rights, that countries would need to meet in order to order to be able to trade with the U.S.

American farmers have borne the brunt of the US-China trade spat, especially after US soy exports collapsed last year, virtually wiping out foreign markets farmers had spent years cultivating.

The Ministry of Commerce said Thursday Chinese companies have started inquiring about prices for US agricultural products including soybeans and pork.

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Tensions escalated in recent months and Washington said it would target all Chinese imports to the U.S. with new duties by the end of the year.

"The exemption could be seen as a gesture of sincerity towards the USA 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. Even European economies are shrinking, many of which are important trade partners for South Africa.

"There are still many uncertainties in the coming trade talks", she said, adding: "An exemption list of just 16 items will not change China's stance".

"I'm impressed that the day they allow their commercial interests to come back and buy from the United States, here we've got this much sold immediately", said Jack Scoville, vice president with Price Futures Group in Chicago.

It would seem that Trump is simply ignoring the warnings from banks, rating agencies and economists of the dire consequences for the USA economy of an escalating trade war with China.

Beijing has said it would work on exempting some US products from tariffs if they are not easily substituted from elsewhere. China had halted USA farm-product imports in August after negotiations deteriorated.

Trump said earlier in the week that the trade dispute has put significant economic pressure on China, with many companies shifting its production out of the country.

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