China exempts some US goods from tariffs in lead-up to talks

Workers make desks for export to the US at a factory in Nantong in China’s Jiangsu province. The world’s two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars worth of goods. (AFP)
Updated 11 September 2019

China exempts some US goods from tariffs in lead-up to talks

  • Chinese trade deputies expected to meet with their US counterparts in mid-September in Washington

BEIJING: China announced exemptions for 16 types of US products from additional retaliatory duties, in a move that comes as trade negotiators from the two countries prepare to meet later this month to try to de-escalate their protracted tariff row.

The exemptions will apply to US goods including some anti-cancer drugs and lubricants, as well as animal feed such as whey and fish meal, the Ministry of Finance said in a statement on Wednesday.

In all, the world’s two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars worth of goods in a bitter trade war that has dragged on for well over a year and hurt business investment, profits and global growth.

The items on the two tariff exemption lists — posted on the ministry’s website — will not be subject to additional duties imposed by China on US goods “as countermeasures to US Section 301 measures,” the ministry said in its statement.

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

However, the exempted list includes only a small quantity of items in comparison to more
than 5,000 types of US products that are already subject to China’s additional tariffs. Moreover, major US imports, such as soybean and corn, are still subject to hefty additional duties.

Wednesday’s announcement comes before Chinese trade deputies are expected to meet with their US counterparts in mid-September in Washington. That will be followed by 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.

The South China Morning Post reported, citing an unidentified source, that China was expected to buy more agricultural products in hopes of a better trade deal with the US.

But senior White House adviser Peter Navarro tamped down expectations for the next rounds of trade talks, urging investors, businesses and the public to be patient about resolving trade dispute.

Beijing has previously said it would work on exempting some US products from tariffs if they are not easily substituted from elsewhere. 

The US is by far China’s largest supplier of whey, which is an important ingredient in piglet feed and difficult to source in large volumes from elsewhere.

The Finance Ministry said it will consider more products to be exempted and will make further announcements “at appropriate times.”

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


Getting more women into leadership positions top priority: CEO

This June 23, 2018 photo, shows a general view of Riyadh, Saudi Arabia. (AP)
Updated 18 January 2020

Getting more women into leadership positions top priority: CEO

  • Saudi Arabia is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic

RIYADH: The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.
Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.
She said the council was set up to boost women’s particpation not only in business but also in global leadership positions.
During the launch of the B20 in Saudi Arabia this week, Nashar highlighted the under-representation of women in the economy.
“There is a gap of 27 percent between male and female workers; 75 percent of males are part of the labor force while only 48 percent of females are working,” she said.
She said it was important not to just talk about women as workers but as business owners.

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Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020.

“That’s why entrepreneurship is very fundamental to our task force,” she said.  “The majority of the finance development programs have incentives for giving loans to females; however, despite the fact that many large borrowers are females, the amount of loans granted to them is far below what is granted to males,” she added.
Nashar said that two-thirds of female business founders feel that they were not taken seriously by investors when they pitch for investments. They also feel that they are treated differently from their male counterparts.
Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020. The Kingdom is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic.