China exempts some goods from U.S. tariffs to limit trade war pain [Globe and Mail, The (Toronto, Canada)]
AstraZeneca PLC - American Depositary Shares (AZN)
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Source: Globe and Mail, The
firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing’s concerns about the trade war’s economic 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, raising 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, a senior adviser to the Conference Board’s China Center, a think tank. But, he cautioned: “It’s clear that neither the U.S. nor China want to be the first in reaching out for a deal.” U.S. President Donald Trump said his administration is talking with China to strike a tariff deal and
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