Trade War
The COVID-19 outbreak has caused a slowdown in consumption, and subsequently, international trade disrupting maritime transportation.
The exemption will be valid for a year through to September 16, 2020.
Fed expectations have not dented the dollar however. It stood around a one-week high against a basket of currencies after the previous day’s half-percent jump.
The world has been keeping a close eye on the trade war ignited by the United States that has set up barriers provoking retaliation by mainly China.
Trade teams from both countries are in contact, commerce ministry spokesman Gao Feng told a regular media briefing.
The dollar extended its recovery on Thursday, gaining versus the yen and euro, on hopes the United States and China will agree a trade truce before a G20 summit in Japan this weekend.
The United States must immediately cancel sanctions on Chinese telecoms equipment maker Huawei, said Gao Feng, the spokesman.
Negotiations to reach a broad trade deal broke down last month after U.S. officials accused China of backing away from previously agreed commitments.
GDP growth in the third quarter of fiscal year 2018/2019 reached 5.6 percent, alongside a rise in net foreign exchange reserves by the end of May 2019 to $44.3 billion.
Brent crude futures, the international benchmark for oil prices, were at $69.85 per barrel at 0700 GMT, up 40 cents, or 0.6%, from their last close. Brent fell nearly 1% in the previous session.
Trump took the step after China sought major changes to a deal that U.S. officials said had been largely agreed.
hina and the United States have agreed to keep talking about their trade dispute, the Chinese government said on Tuesday.
“We’re going to win either way. We either win by getting a deal or we win by not getting a deal,” Trump said during a visit to a business roundtable in Burnsville, Minnesota.
Citing progress in talks between the two countries, Trump said he would delay a planned increase in tariffs to 25 percent from 10 percent on $200 billion of Chinese imports.
The announcement was the clearest sign yet that China and the United States are closing in on a deal to end a months-long trade war that has slowed global growth and disrupted markets.
The talks were extended into an unscheduled third day, showing both sides were “serious”, China’s Foreign Ministry said.
The executives, alongside representatives from China’s state planner and aviation regulator, unveiled the plane at an event attended by hundreds of people.
China's foreign exchange reserves fell slightly more than expected in August as the dollar extended gains and Beijing took steps to stabilize its yuan
China will file a complaint with the World Trade Organization (WTO) against the U.S. action, the ministry also said in a statement on its website.
In the current quarter, the U.S. economy was forecast to grow 3 percent and then 2.7 percent in the next, a slight upgrade from the previous poll.
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