China announced tariff exemptions on 16 categories of goods imported from the U.S. as negotiations to end the countries’ trade war are set to resume.
U.S. products exempted from Chinese tariffs include lubricating oil, anti-cancer drugs, and some solvents, according to a statement by the Chinese Finance Ministry.
The exemptions came as Chinese and U.S. trade teams have agreed to resume negotiations in early October to end their year-long trade war that is slowing the world economy.
The exemptions are a “goodwill gesture,” ahead of the talks, state tabloid Global Times said.
Earlier this month, the U.S. imposed 15-per-cent tariffs on 112 billion dollars’ worth of Chinese goods, including televisions, books, nappies and sports shoes.
At the same time, Chinese tariffs of 5 and 10 percent targeting around 75 billion dollars of U.S. goods came into force.
The moves were the latest in an escalating trade war in which Washington accuses Beijing of unfair trade practices, intellectual property theft and unequal access to the Chinese market for foreign and domestic firms.
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