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Trade war with the US: China wants to exempt soy and pork from punitive tariffs


China and the USA have recently come together again in the ongoing trade war. Now, the People's Republic apparently wants to waive penalties for important food and feed.

The trade dispute between China and the United States suggests a further easing. After the US has moved new duties, China now wants to exempt soy and pork from punitive tariffs. This is reported by the Chinese news agency Xinhua.

In addition, Chinese companies are encouraged to buy agricultural products from the United States. The ongoing trade dispute is apparently leading to fears in China's government of food shortages. Just before the celebrations for the 70th anniversary of the founding of the state on October 1, Beijing wants to avoid price increases due to bottlenecks.

The latest move would be another one to get the two largest economies in the world together. In recent days, the US has slightly delayed new punitive tariffs, while China has exempted some products from new punitive tariffs.

New high-level talks will soon be held in Washington to defuse the trade dispute between the two countries.

Trade wars burden the world economy

The trade dispute between the US and China has been going on for months, increasingly burdening the global economy. Both sides gradually cover each other with ever new punitive tariffs.

For some time, imports from China to the USA amounting to around 250 billion US dollars have been punished with 25 percent punitive tariffs. They were originally intended to be increased to 30 percent from 1 October. This should happen now until 15 October.

The cause of the more than a year-long trade conflict has been 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.

The trade war is slowing economic growth in both countries and slowing down the global economy. Many analysts warn that the conflict could cause the US economy to slide into recession.

Source: spiegel

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News/Politics 2019-09-12T21:55:29.584Z

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