China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses that have been notified, in the clearest sign yet of Beijing's concerns about the trade war's fallout.
The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them and raised fears of a global recession.
Beijing's exemptions, which business groups hope would extend to dozens of industries, pushed the U.S. dollar up slightly and lifted equity markets in Hong Kong and Japan.
"As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu.
But, he cautioned: "It's clear that neither the U.S. nor China want to be the first in reaching out for a deal."
China has not yet communicated publicly on any exemptions.
The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them and raised fears of a global recession.
Beijing's exemptions, which business groups hope would extend to dozens of industries, pushed the U.S. dollar up slightly and lifted equity markets in Hong Kong and Japan.
"As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu.
But, he cautioned: "It's clear that neither the U.S. nor China want to be the first in reaching out for a deal."
China has not yet communicated publicly on any exemptions.
6 hours ago
