China welcomes Trump's 'goodwill' act to delay tariffs ahead of trade talks

Three-quarters of firms in the American Chamber of Commerce in Shanghai's survey are opposed to US tariffs being used to force a trade deal

He said the delay was requested by "Vice Premier of China, Liu He, and due to the fact that the People's Republic of China will be celebrating their 70th Anniversary".

Earlier, China on Wednesday unveiled the first set of United States goods to be excluded from the first round of additional tariffs on USA products, which Trump described as a goodwill gesture.

China's tariff retaliation strategy to date has focused heavily on curbing trade of agricultural and manufactured goods produced in US states key for President Donald Trump's re-election chances.

The series of tariffs on a large number of products the US and China buy from each other has rattled investors and made consumers uneasy with the outlook of higher prices.

Beijing and Washington have been embroiled in a year-long trade war that has seen the two sides slap punitive tariffs on hundreds of billions of dollars in two-way trade.

The announcement came after China said earlier in the day that it would spare some United States products from punitive new tariffs, an apparent conciliatory move ahead of high-level.


AUD/USD has climbed almost 3% since bottoming earlier this month.

Analysts say that with its duties on soybeans and US-made cars, China is taking aim at a key political support base of Donald Trump, mainly the factories and farms across the Midwest and South at a time of receding momentum in the world's top economy.

President Trump has announced and agreed to delay increased Chinese tariffs.

For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

Before the meeting in Washington, Gao said there will be a deputy level meeting to lay the ground work for the talks between Liu and his American counterparts led by US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.

Both the countries slapped additional tariffs on each other's export goods which also resulted in global trade and economic slowdown.

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