United States, China Grant Trade Concessions As Fresh Talks Loom

DJIA Dow Jones Index Price Chart Stock Market Gains on US China Trade War News Tariff Delay

Tariffs of 25% that were imposed previously on 250 billion dollars (£200 billion) worth of Chinese goods were due to rise to 30% on October 1.

The announcement came after China said earlier in the day that it would spare some United States products from punitive new tariffs, an apparent conciliatory move ahead of high-level.

Both sides have so far held 12 rounds of talks, but failed to work out a deal as China continued to resist Trump's demand for intrusive verification mechanism to supervise Beijing's promise to protect intellectual property rights (IPR) technology transfer and more access to American goods to Chinese markets.

China said on Wednesday that it would exempt some U.S. imports from tariffs as Beijing and Washington prepare to restart trade talks next month - but will keep the penalties on farm-friendly goods soybeans, corn and pork.

"Chinese tariffs that really matter are the ones on U.S. agricultural and manufacturing goods, produced mainly in states with strong support for [President] Donald Trump", Artur Baluszynski, head of research at Henderson Rowe, told CNN Business.

While that move may create some good will in Washington, China is keeping the pressure on US agricultural exports like soybeans produced in key Trump-supporting states.

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AUD/USD has climbed almost 3% since bottoming earlier this month. Moreover, major U.S. imports, such as soybeans and pork, are still subject to hefty additional duties, as China has ramped up imports from Brazil and other supplying countries.

"Beijing is prepared for a continuation of tariffs and hostile rhetoric through 2020".

Analysts say that with its duties on soybeans and US-made cars, China is taking aim at a key political support base of Donald Trump, mainly the factories and farms across the Midwest and South at a time of receding momentum in the world's top economy.

In a sign of the pressure being felt by the Chinese economy, the central People's Bank of China said on Friday it would cut the amount of cash lenders must keep in reserve, allowing an estimated $126 billion in additional loans to businesses.

President Trump has announced and agreed to delay increased Chinese tariffs.

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

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