Some US goods' exemption from tariffs to ease tension

Move comes days before planned meeting of US Chinese negotiators in Washington

Move comes days before planned meeting of US Chinese negotiators in Washington

On Wednesday, U.S. President Donald Trump said he was postponing the imposition of 5% extra tariffs on Chinese goods by two weeks, meaning Chinese officials can celebrate their october 1 national day without a fresh escalation.

When talking about the vacant security advisor position after firing John Bolton, Trump cleared the rumours of having Mike Pompeo taking the role, and said there were "15 candidates" that were being considered. The second round was worth $60 billion, taking effect in September past year, after the USA began imposing additional 10 percent tariffs on $200 billion worth of Chinese products the same day.

Then a high-level Chinese delegation is likely to travel to Washington to meet with Mnuchin and U.S. Trade Representative Robert Lighthizer.

It said Beijing had been sounding a more "constructive" note in recent weeks over trade relations.

The mutual steps to ease trade tensions between the world's two largest economies could influence working-level discussions expected at mid-month.

Trump's financial miscalculations have a long history if we consider his mistakes regarding his casino empire, which resulted in white elephants that left him with massive debt.

The delay "shows Trump doesn't want to increase tariffs before the trade talks in early October and it creates good conditions", said Tommy Xie, an economist at Oversea-Chinese Banking. US equities and Asian stock futures advanced after news of the discussions.

China's decision to exempt some US goods was a "big move" by Beijing and a positive gesture before trade negotiators from both countries meet in Washington, Trump told reporters at the White House. Neither side has specified a date for the meetings.

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The plan reflects concerns within the White House over the recent escalation in tariffs and their economic impact on the USA going into an election year.

In 2018, the USA goods trade deficit with China was $419.52 billion. Even European economies are shrinking, many of which are important trade partners for South Africa.

The list of products for which China said it was seeking price quotations included big-ticket items such as pork and soybeans, Gao said.

"According to my understanding, Chinese firms have started to inquire about prices for United States agricultural goods", Gao noted.

Trump has previously accused Beijing of backsliding on promises to increase purchases of United States farm goods.

"Beijing is prepared for a continuation of tariffs and hostile rhetoric through 2020".

Other soybean purchases over the past year have been made nearly exclusively by state-owned Chinese firms which are exempted from the steep import tariffs.

Trump said earlier in the week that the trade dispute has put significant economic pressure on China, with many companies shifting its production out of the country.

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