China to exempt 16 United States products from tariffs ahead of trade talks

China to exempt 16 United States products from tariffs ahead of trade talks

At China's request, President Trump said Wednesday that the increase in tariffs on $250 billion in Chinese exports will be moved from October 1 to October 15.

"China is eating the tariffs", he said on Twitter, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian giant, without costs being passed on to United States consumers.

In a sign of the pressure being felt by the Chinese economy, the central People's Bank of China said on Friday it would cut the amount of cash lenders must keep in reserve, allowing an estimated $126 billion in additional loans to businesses.

The $6.8 billion in overall tariffs paid is a 62% increase from July 2018, driven by $3.5 billion in new tariffs on goods imported from China.

Wednesday's lists do not include big-ticket items such as soybeans and pork.

The American Chamber of Commerce in Shanghai's annual China Business Report also found that 75 percent of U.S. firms opposed the United States use of punitive tariffs to force China into a trade deal and market-access reforms.

The delayed round of tariffs applies mostly to industrial goods.

The gestures may ease tensions ahead of the negotiations, but some analysts don't see it as a signal that both sides are readying a deal.

Beijing has hit back with tariffs ranging from 5% to 25% on U.S. goods.

The American Chamber of Commerce in Shanghai said just 47 percent said they expected to increase their investments in China in 2019 - down from 62 per cent previous year - while three-quarters of businesses surveyed said they opposed the use of punitive tariffs by the United States to force China into a trade deal.

In July, the U.S. exempted 110 Chinese-made products from tariffs.

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

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