U.S. stocks inch higher on China tariff exemptions

U.S. stocks inch higher on China tariff exemptions

U.S. stocks inch higher on China tariff exemptions

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. Exact dates for the meetings have not been released.

"China wants to claim the moral high ground before the October talks and to send a message of goodwill", sYao Xinchao, professor of worldwide trade at the University of global Business and Economics in Beijing, told the Washington Post.

Some analysts view the move as a friendly gesture but don't see it as a signal that both sides are readying a deal.

"Once the negotiations began, the USA side said that Huawei is not a trade issue but a security issue and did not deal with it", Xi told Abe, noting that Trump's words aren't generally reliable in his mind.

The next round of face-to-face trade talks will begin at the deputy level in mid-September, with ministers engaging in talks next month.

The second list includes four items that will enjoy the exemption but are not eligible for tariff refunds.

China introduced Wednesday it will exempt 16 classes of merchandise from U.S. tariffs, forward of a contemporary spherical of commerce talks subsequent month.

Significant US exports to China, like pork, soybeans and American-made cars, are among the goods that will still be hit by the hefty taxes. The United States is by far China's largest supplier of whey, which is an important ingredient in piglet feed and hard to source in large volumes from elsewhere.

Two lists of goods will be excluded from China's first round of tariff countermeasures against the U.S. Section 301 measures.

The exemptions will start September 17 and last for around one year.

Over the past year, the world's two largest economies have imposed tariffs on billions of dollars worth of one another's goods.

Further rounds of Chinese exemptions will be announced in due course, the ministry said. Tariffs already imposed on these items are deemed non-refundable.

Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are expected to meet in early October in the U.S. capital, but key officials are tamping down expectations for a major accord.

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

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

Senior White House adviser Peter Navarro this week urged investors, businesses and the public to be patient about the trade dispute.

Brexit Party's Farage eyes Conservative pact for a 'clean break' Brexit
Tim Paine not ready to give up Australia Test captaincy meekly