China to exempt 16 U.S. products from tariffs ahead of trade talks

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Mr Trump has imposed or announced penalties on about 550 billion dollars (£445 billion) of Chinese products, or nearly everything the United States buys from China.

Tariffs of 25% that were imposed previously on 250 billion dollars (£200 billion) worth of Chinese goods were due to rise to 30% on October 1.

China has imposed several rounds of tariffs on U.S. imports in the ongoing tit-for-tat dispute between the two countries.

Mr Trump's tariffs policy aims to encourage consumers to buy American by making imported goods more expensive.

The announcement is the latest in a flurry of goodwill gestures from both sides in a year-long trade-war that has weighed on the global economy.

The negotiations in early October would be the first since talks broke down in May.

Beijing has hit back with tariffs ranging from 5% to 25% on United States goods.

China says USA trade policies are aimed at trying to stifle its ability to compete.

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Trump has offered billions in aid to farms badly damaged in the trade war.

Among the 16 US-made products under exemptions are lubricants, fish meal and whey for animal feed and some anti-cancer drugs, the Chinese Ministry of Finance said.

The exemption will take effect on September 17 and will be valid for a year through to September 16, 2020.

ING's Pang noted the United States had also exempted imports of 110 Chinese products from tariffs in July, including high-value items such as medical equipment and parts.

The mutual concessions, although minor, are viewed as a peace-offering ahead of minister-level meetings in early October in the US capital, involving Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Trump has long accused China of intellectual property theft and manipulating its currency to make its goods cheaper than American products on the world market.

Earlier on Wednesday, a survey by a prominent American business association showed the trade dispute was souring the profit and investment outlook for US companies operating in the world's second-biggest economy.

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