ZCZC
BCN-05
US-CHINA-TRADE-ECONOMY
Trump lifts tariffs on hundreds of Chinese goods
WASHINGTON, Sept 21, 2019 (BSS/AFP) – President Donald Trump on Friday
temporarily lifted tariffs on hundreds of Chinese goods that he imposed last
year, softening his stance in the trade conflict ahead of next month’s
negotiations.
The decision helped buoy stock markets looking for light at the end of the
tunnel as the trade war drags into its second year.
With high-level talks due to restart in Washington early next month,
Trump’s decision marked the third time since August that the United States
has delayed or removed tariffs on Chinese imports ahead of the year-end
shopping season.
Earlier this month, Trump announced a two-week delay in a new round of
duties increases on hundreds of billions of Chinese goods that had been due
to take effect on October 1.
According to Federal Register notices published Friday morning, hundreds of
goods that had been subject to three waves of tariffs imposed last year will
be exempted from those additional duties for about a year.
The goods now exempted cover a broad range of uses and applications and
include steel girders, electronics, such as data processors used by
manufacturers, as well as pumps, filters, forklifts, mechanical equipment and
pet supplies.
The trade war has weighed on the global economy. The Organization for
Economic Cooperation and Development this week slashed growth forecasts due
to the conflict.
While slowing, the US economy has so far been more resilient, with a recent
batch of economic data showing surprising strength in important areas.
The Federal Reserve this week however cut interest rates for the second
time this year, moving to counter the danger posed by the trade war, which
has badly damaged the US manufacturing and agricultural sectors.
After last month’s sharp deterioration in trade relations, US duties on the
majority of Chinese imports are nevertheless due to rise in stages through
the end of 2019.
BSS/AFP/HR/0930