China is quietly exempting numerous U.S. imports from its retaliatory tariff on American goods, a sign that the Chinese economy is taking a hit in the trade war with the Trump administration, Bloomberg reported on Friday.
A list circulating among businesses shows that 131 items, including pharmaceuticals and industrial chemicals, are not being slapped by China’s tariff as multiple companies have been able to get the products into China without paying a duty, according to Bloomberg. The unconfirmed list makes up 24% of Chinese imports from the United States, worth around $40 billion.
The report comes shortly after U.S. Treasury Secretary Scott Bessent said that China’s economy “is slowing down substantially,” adding, “They are the most unbalanced, imbalanced economy in the history of the world.”
“We saw some very poor [gross domestic product] numbers out of China yesterday. We’re now seeing very large estimates of job growth loss from 5 to 10 million jobs,” Bessent told Fox Business host Maria Bartiromo on “Mornings with Maria” on Thursday. “So the Chinese economy is slowing down substantially here. So, what we will first want to see is a de-escalation.”
Bessent added that the trade war is “not sustainable on the Chinese side.”
China remained defiant as Trump raised the tariff on China to 145%. The communist country hit back at the United States with a 125% tariff on American goods, saying it won’t respond to “pressure, threats, and blackmail.” But just as President Donald Trump exempted electronics, such as smartphones, from an additional tariff on China, the Chinese government is seeking to soften the blow on its economy from its own tariff.
The exemptions could also help ease tensions between the United States and China as the Trump administration continues to push for trade negotiations. President Trump said last month that China has reached out about trade talks “a number of times,” adding that even if a deal cannot be reached, the tariffs will work themselves out. However, the Chinese government said this week that the White House has reached out, “hoping to start talks with China.”
“China is currently evaluating this,” the Chinese Commerce Ministry said, adding that it wants the United States to be open to completely removing its tariff on Chinese imports.
“If the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs,” the Chinese Commerce Ministry added.
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[[{“value”:”
China is quietly exempting numerous U.S. imports from its retaliatory tariff on American goods, a sign that the Chinese economy is taking a hit in the trade war with the Trump administration, Bloomberg reported on Friday.
A list circulating among businesses shows that 131 items, including pharmaceuticals and industrial chemicals, are not being slapped by China’s tariff as multiple companies have been able to get the products into China without paying a duty, according to Bloomberg. The unconfirmed list makes up 24% of Chinese imports from the United States, worth around $40 billion.
The report comes shortly after U.S. Treasury Secretary Scott Bessent said that China’s economy “is slowing down substantially,” adding, “They are the most unbalanced, imbalanced economy in the history of the world.”
“We saw some very poor [gross domestic product] numbers out of China yesterday. We’re now seeing very large estimates of job growth loss from 5 to 10 million jobs,” Bessent told Fox Business host Maria Bartiromo on “Mornings with Maria” on Thursday. “So the Chinese economy is slowing down substantially here. So, what we will first want to see is a de-escalation.”
Bessent added that the trade war is “not sustainable on the Chinese side.”
China remained defiant as Trump raised the tariff on China to 145%. The communist country hit back at the United States with a 125% tariff on American goods, saying it won’t respond to “pressure, threats, and blackmail.” But just as President Donald Trump exempted electronics, such as smartphones, from an additional tariff on China, the Chinese government is seeking to soften the blow on its economy from its own tariff.
The exemptions could also help ease tensions between the United States and China as the Trump administration continues to push for trade negotiations. President Trump said last month that China has reached out about trade talks “a number of times,” adding that even if a deal cannot be reached, the tariffs will work themselves out. However, the Chinese government said this week that the White House has reached out, “hoping to start talks with China.”
“China is currently evaluating this,” the Chinese Commerce Ministry said, adding that it wants the United States to be open to completely removing its tariff on Chinese imports.
“If the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs,” the Chinese Commerce Ministry added.
“}]]
