BEIJING (AP) — China announced Wednesday that it will exempt industrial oil and some U.S. imports more from the rise in tariffs imposed by Beijing in its trade war with Washington. The Chinese authorities maintained penalties on soybeans and other large U.S. exports ahead of next month’s negotiations. This initiative adds to indications that both governments could be preparing for a protracted conflict by adjusting import controls and trying to find new markets and alternative export suppliers.
Sixteen products, including lubricants, fishmeal for animal feed and other chemicals will be exempt from tariffs of up to 25% imposed in response to Donald Trump’s rise in Chinese imports, the Ministry of Finance said . In the case of soybeans, the largest U.S. export to China, and thousands more products, will not be changed. HELP US Click the Google News star and follow usNegotiating negotiators are preparing to participate in talks in Washington that seek to end the trade and technology dispute that threatens the growth of the world’s economy. The dialogue plan calmed the hectic financial markets, but economists warn that there has been no sign of progress, and neither Beijing nor Washington offered concessions to end the blockade. On Wednesday’s import list are raw materials for agriculture and factories, suggesting that Chinese leaders want to limit damage to their own industries by coinciding with the slowdown in economic growth.
In its previous tariff hikes, Beijing avoided the processor chips and other US technologies needed in Chinese industry.
Beijing resists pressure from Washington to backtrack on its plans to create global, state-sponsored, robotics and other competitors. Washington, Europe, Japan and other trading partners argue that these plans violate China’s market opening commitments and rely on theft or pressure on companies to deliver their technology. Washington and Beijing raised tariffs on imports from the other worth billions of dollars. The initiative affected farmers and manufacturers on both sides and fueled fears that the global economy, which has already shown signs of slowing, could fall into recession.
