China exempts some U.S. chemicals from tariff hikes but leaves penalties on soybeans, pork, other farm goods.
FILE - In this April 12, 2018, file photo, packets of raw soybeans are placed on a table at a U.S. soybean company's booth at the international soybean exhibition in Shanghai, China. China has announced some U.S. industrial chemicals will be exempt from tariff hikes imposed in a trade war with Washington but maintained penalties on soybeans, pork and other farm goods. The Ministry of Finance's announcement Wednesday, Sept.
It adds to indications that both sides might be settling in for extended conflict even as they prepare for talks in Washington aimed at ending the dispute that threatens global economic growth. Word that talks are going ahead has helped calm jittery financial markets. But there has been no sign of progress.Beijing’s earlier tariff hikes avoided processor chips and other U.S. technology required by Chinese industry.
Washington and Beijing have raised tariffs on billions of dollars of each other’s products. That has battered farmers and manufacturers on both sides and fueled fears a global economy that already was showing signs of a slowdown might tip into recession. In their latest escalation, Washington imposed 15% tariffs on $112 billion of Chinese products on Sept. 1 and is planning to hit another $160 billion Dec. 15. Beijing responded by imposing duties of 10% and 5% on a range of American goods.
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