China 'offers olive branch' to US
(Baonghean.vn) - According to AFP on September 11, China has just announced that it will remove some US products from the list of punitive tariffs, in a move considered an "olive branch" by Beijing in the protracted trade war, ahead of high-level negotiations next month.
 |
| The protracted trade war between the US and China has seen both sides impose tariffs on each other's goods worth hundreds of billions of dollars. Photo: AFP |
However, these goods do not include high-value agricultural products, which are likely to be crucial to the ultimate success of any deal between the two sides. The bilateral stalemate is dragging down the global economy.
The exemptions will take effect on September 17 and will be valid for one year, according to the Customs and Tariff Commission of the State Council. The agency issued two lists, including seafood products and anti-cancer drugs. These lists mark the first time Beijing has announced products exempted from tariffs.
Other categories that will also be exempted from tariffs include alfalfa pellets, fish feed, medical linear accelerators and mold removers, and the commission said it was considering further exemptions.
Trade negotiators say they will meet in Washington in early October, raising hopes of easing tensions between the world's two largest economies.
The two sides have imposed new retaliatory tariffs since September 1, covering hundreds of billions of dollars worth of goods. Therefore, Barclays analysts asserted: "These adjustments signal a greater willingness by China to make progress in trade negotiations in October, possibly towards a 'narrow' agreement that includes China buying more US goods in exchange for the US suspending further tariff increases."
These experts also assert that Beijing has adopted a more “constructive” tone in recent weeks regarding trade relations.
