U.S., China grant trade concessions as fresh talks loom

We have agreed as a gesture of good will to move the increased Tariffs on 250bn dollars worth of goods, from Oct 1st to Oct 15th,” Trump tweeted

We have agreed as a gesture of good will to move the increased Tariffs on 250bn dollars worth of goods, from Oct 1st to Oct 15th,” Trump tweeted

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

Earlier in the day, China said it would temporarily exempt 16 categories of USA exports from tariff increases in an olive branch to Washington before the talks take place and which Trump described as "a big move".

Chinese trade negotiators at the minister level are expected to convene in Washington in mid-September, with more talks scheduled for early next month to be attended China's Vice Premier Liu He and Yi Gang, the governor of the People's Bank of China.

The US think tank Trade Partnership predicts that due to the trade war US gross domestic product will be slashed by 1.01%, which will cost 2.16million US jobs, and household spending in the US will increase by $2294 annually. We gave them a two week in honour of President Xi, we gave them a two-week reprieve and so we'll be doing the tariffs on October 15th instead of October 5th. USA equities and Asian stock futures advanced after news of the discussions.

South Africans need to be forewarned that if the United States continues its trade war with China, our economy will not be spared the traumatic effects of a global recession. Exact dates for the meetings have not been released.

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.

"There have been so many ups and downs in the talks that it is hard to predict whether the new conciliatory actions will lead to a deal", said DeBusk, a former Commerce Department trade official.

Trump forged a new trade deal with Canada and Mexico past year, aptly named the U.S. -Mexico-Canada Agreement, that included new key provisions governing the auto and dairy industries.

The list of products for which China said it was seeking price quotations included big-ticket items such as pork and soybeans, Gao said.

Beijing has hit back with tariffs ranging from 5% to 25% on USA goods.

"China is eating the tariffs", he tweeted Friday, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian nation, without passing costs on to United States consumers.

If Trump thought it was a brilliant idea to ban Chinese technology giant Huawei, it will force China to establish new production, supply and value chains that exclude the US.

For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

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

Earlier on Thursday Beijing said Chinese companies were inquiring about prices of agricultural goods.

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