Donald Trump pushes back increase in Chinese import tariffs

President Donald Trump

President Donald Trump's trade advisers are not considering an interim trade deal with China that could delay some USA tariffs, CNBC reported on Thursday, rebutting a Bloomberg report that a limited deal was under consideration.

Thursday's soybean deals were the largest among private Chinese importers since Beijing raised import tariffs by 25% on USA soybeans in July 2018 in retaliation for US duties on Chinese goods.

"We have heard opinions and feedback from the corporate sector, and they expect the exclusion will reduce a potential negative impact from the additional U.S. tariffs", Chen said.

The moves signal an easing of tensions between the two economic superpowers ahead of a much-anticipated meeting of top-level negotiators next month. "But it's something we would consider, I guess".

Trump administration officials have discussed offering a limited trade agreement to China that would delay and even roll back some U.S. tariffs for the first time in exchange for Chinese commitments on intellectual property and agricultural purchases, according to five people familiar with the matter.

Both China and the US have seen signs that the trade conflict between the two countries is taking an economic toll. 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. Exact dates for the meetings have not been released.

The US Treasury has taken in $66 billion in customs duties in the 11 months through August, 73 percent more than in the same period of the prior fiscal year - tariffs paid by American importers.

"Chinese enterprises have started to inquire about the price of American farm goods including soybeans and pork", ministry spokesman Gao Feng said at a news briefing.

There are still many uncertainties in the coming trade talks.

The statement said the commission will continue to work on the exclusion of additional tariffs on U.S. products, and the lists of the subsequent groups will be released in due course. "We just don't see China willing to negotiate on them before the race for USA presidential elections really kicks off".

In the US, factory activity unexpectedly contracted in August for the first time in three years, underscoring how slowing global growth and an escalating USA trade war with China are taking an even bigger toll on domestic producers.

In July, the United States exempted 110 Chinese-made products from tariffs.

The Trump administration has sought to compel the Chinese regime to make changes to address a range of unfair trade practices, including intellectual property theft, forced transfer of technology to Chinese firms, industrial subsidies, and market access.

Trump has imposed or announced penalties on about $550 billion of Chinese imports.

Related:

Comments


Other news