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China to exempt 16 categories of U.S. products from tariffs

11 September 2019

China and the USA have been embroiled in a year-long commerce battle that has seen the 2 sides slap punitive tariffs on lots of of billions of in two-way commerce.

Beijing will lift tariffs for a year on 16 American products, including animal feed, oils and cancer drugs, from next Tuesday.

Trump has said the protracted trade war is damaging China more than the United States.

Magazines with a front cover featuring Chinese President Xi Jinping and U.S. President Donald Trump on trade war is placed on sale at a roadside bookstand in Hong Kong.

China has chose to release 16 types of United States goods from additional duties, authorities said.

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

The exemptions will apply to USA goods including some anti-cancer drugs and lubricants, as well as the animal feed ingredients whey and fish meal, the Ministry of Finance said in a statement on its website on Wednesday.

"There are still many uncertainties in the coming trade talks".

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.

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

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Chinese imports of US goods tumbled 22.5% in August from a year earlier and exports to the United States, China's biggest foreign market, fell 16%.

China and the U.S. have been embroiled in a year-long commerce battle.

ING's Pang noted the United States had also exempted imports of 110 Chinese products from tariffs in July, including high-value products such as medical equipment and parts. Trump has warned China will face a tougher USA negotiating stance if he is re-elected.

Trump has imposed or announced penalties on about $550 billion of Chinese products, or nearly everything the United States buys from China.

Next, the commission will continue to work on the exemption process and release subsequent lists in due course, according to the statement. The Ministry of Finance's announcement Wednesday, Sept. 11, 2019 came ahead of October talks aimed at ending the fight over trade and technology that threatens global economic growth.

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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.

China to exempt 16 categories of U.S. products from tariffs