On September 11, China’s Ministry of Finance announced exemptions for 16 U.S. product lines from retaliatory tariffs. The exemptions are seen as a gesture of good will from China and an attempt to de-escalate the tariff war between the two sides that has been raging on for over a year. Deputy-level trade negotiators from Washington and Beijing have agreed to meet in the coming days in an attempt to re-spark trade talks. Chinese state media has also confirmed that Liu He, the top Chinese economic official, will travel to Washington in October for ministerial-level talks.
The products excluded by the Ministry of Finance include shrimp, various oils such as mineral oils and lubricating oils, anti-cancer drugs, whey protein, and fish meal. The notice specified that the exclusions would run from Sept. 17, 2019 until Sept. 16, 2020. China’s second tranche of their exclusion process remains open until October 8, 2019 and a third tranche for Chinese tariffs on $75 billion will be launched in the future. At the end of the notice, the Finance Ministry said they will consider additional products for exemptions and will have further announcements “in due course.”