For the first time since the US-China trade war began, Beijing has waived import tariffs on more than a dozen US goods, FT reports.
Beginning Sept. 17, China will remove 25% tariffs on 16 types of US exported goods for one year - a sign of good will ahead of talks between US and Chinese trade delegations.
Cancer drugs, lubricant oils and a handful of chemicals which China either doesn't produce itself or can't easily replace by buying from other countries made it on the list.
No major US items, like soybeans or pork, were included in the list of excluded items, as Beijing has turned to other countries like Argentina and Brazil to source many of these products.
China's State Council, which made the announcement, said it expects to release more lists of exempted goods in the near future, according to CNN.
Ahead of a trip to Washington by China's top trade negotiators next month, lower-level Chinese delegates are expected to resume talks with their US counterparts this week or next.
Ultimately, the Chinese are hoping to see Washington roll back the 'black-listing' of Huawei.
"The Chinese are waiting to see what the US does on Huawei," said one person briefed on the talks.
The next round of US tariff hikes is expected to take effect on Oct. 1, the same day that the CCP will celebrate its 70th anniversary of the founding of the People's Republic of Chin in 1949.
Yesterday, US stocks pumped, then dumped, on the 'old' news that Beijing would try to "sweeten" the deal for the US by buying more agricultural products.
Following the announcement, President Trump tweeted a quote attributed to CNBC's Joe Kernan where he speculated that the impact on supply chains from the tariffs had become a problem for China.
“China suspends Tariffs on some U.S. products. Being hit very hard, supply chains breaking up as many companies move, or look to move, to other countries. Much more expensive to China than originally thought.” @CNBC @JoeSquawk— Donald J. Trump (@realDonaldTrump) September 11, 2019
Meanwhile, Global Times editor Hu Xijin tweeted a preview of the plan...
Based on what I know, China will introduce important measures to ease the negative impact of the trade war. The measures will benefit some companies from both China and the US.— Hu Xijin 胡锡进 (@HuXijin_GT) September 11, 2019
...Then, hours later, Hu tweeted a rebuttal at President Trump.
Odd and hilarious analysis. His understanding of the Chinese economy is obviously based on hearsay. It is believed the great president of the US can recognize the superficiality of this kind of analysis, and the American mainstream society won't be misled by it. https://t.co/WnPJeipCGl— Hu Xijin 胡锡进 (@HuXijin_GT) September 11, 2019