Trade dispute: China makes exception to tariffs on several US products
Certain medicines, medical equipment and chemicals - customs duties are waived for 16 different product types. Further exceptions are being examined.
China has submitted a list of US products to be exempt from customs duties. It is about 16 different types of products, as China's Ministry of Finance announced. Including some medicines, medical equipment and chemicals. It is currently being examined whether there will be other exceptions. The government newspaper Global Times spoke of a "goodwill gesture" in the trade war, before both sides restart negotiations in early October. The ministry did not specify how big the volume of the products is.
The more than a year-long trade dispute sparked US President Donald Trump's anger at China exporting far more to the US than vice versa. He calls for elimination of market barriers, criticizing copyright infringement and forced technology transfer in US companies operating in China, as well as government subsidies.
Later, the US president also called for structural changes in China and mechanisms to ensure compliance with an agreement. But the leadership in Beijing goes too far. Trump's unpredictability also upsets the Chinese leadership.
The trade dispute slows economic growth in both countries and slows down the global economy. Many analysts warn that the conflict could cause the US economy to slide into recession.