China says 'making enquiries' on buying United States farm products

Chinese Premier Li Keqiang talks with Executive Vice President and Head of International Affairs at the U.S. Chamber of Commerce Myron Brilliant during a meeting with a group of U.S. entrepreneurs at Zhongnanhai in Beijing China Sept. 10 2019

China to exempt 16 categories of US products from tariffs

He said the delay was requested by "Vice Premier of China, Liu He, and due to the fact that the People's Republic of China will be celebrating their 70th Anniversary".

The world's largest economies have been locked in a bruising trade fight for the past year that has hurt businesses and weighed on the global economy.

Mr Trump's tariffs policy aims to encourage consumers to buy American by making imported goods more expensive.

China has released a list of 16 United States imports that will be exempted from tariffs in the ongoing trade war between the world's two largest economies.

The announcement came after China said earlier in the day that it would spare some USA products from punitive new tariffs, an apparent conciliatory move ahead of high-level talks next month aiming to resolve the two nations' protracted trade war.

July marked the first full month of data collected after tariffs on many of those products increased from 10% to 25% earlier this year.

The talks are set to open next month in Washington.

China Vice Premier Lui He and President Donald Trump
US-China Trade War: Beijing Exempts 16 Items From Retaliatory Tariffs Ahead Of Talks

The Customs Tariff Commission of the State Council said on Wednesday that 16 types of USA goods will avoid additional duties.

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.

The gesture buoyed U.S. investor confidence, as futures jumped noticeably following Trump's tweet.

The Chinese Finance Ministry announcement earlier the in day mostly impacts small items such as fish food, cancer medicine, lubricant oil and various chemicals.

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.

American farmers have born 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.

Preliminary meetings are set to take place later this month in Washington before United States treasury secretary Steven Mnuchin and trade representative Robert Lighthizer meet China's vice premier Liu He in October.

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