DUBAI: China is considering exempting some US imports from its 125 percent tariffs and is asking businesses to provide lists of goods that could be eligible in the biggest sign yet that Beijing is worried about the economic fallout from its trade war with Washington.
A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a source who spoke on condition of anonymity.
Financial news magazine Caijing reported on Friday citing sources that Beijing was preparing to include eight semiconductor-related items, although no memory chips.
A list of 131 categories of products eligible for exemptions was circulating widely on social media and among businesses and trade groups on Friday. Reuters could not verify the list, whose items ranged from vaccines and chemicals to jet engines.
Repeated phone calls to China’s customs department were not answered. Customs and the Ministry of Commerce did not immediately respond to faxed questions.
Bloomberg first reported China was considering tariff exemptions on Friday.
The exemptions signal that, like Washington, Beijing is deeply concerned about the economic pain rippling across the country as the world’s two largest economies decouple.
While Washington has said the current status quo is economically untenable and already offered tariff exemptions to some electronic goods, China has repeatedly said it is willing to fight to the end unless the US lifts its tariffs.
But beneath the bombast, China’s economy is entering the trade war flirting with deflation. Demand is weak and consumer spending and sentiment have never properly recovered from the pandemic levels.
The government is pushing tariff-hit exporters to pivot to local markets, but companies say profits are lower, demand weaker and customers less reliable.
Exemptions are a bigger gesture of support, although by allowing some trade to resume, they also reduce the pain for the US economy and take some pressure off the White House.
China considers exempting some goods from US tariffs
https://arab.news/67xmr
China considers exempting some goods from US tariffs
- A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs
- Bloomberg first reported China was considering tariff exemptions on Friday.
‘Doomsday Clock’ moves closer to midnight over threats from nukes, climate change, AI
- At the end of the Cold War, the clock was as close as 17 minutes to midnight. In the past few years, to address rapid global changes, the group has changed from counting down the minutes until midnight to counting down the seconds
WASHINGTON: Earth is closer than it’s ever been to destruction as Russia, China, the US and other countries become “increasingly aggressive, adversarial, and nationalistic,” a science-oriented advocacy group said Tuesday as it advanced its “Doomsday Clock” to 85 seconds till midnight.
The Bulletin of the Atomic Scientist members had an initial demonstration on Friday and then announced their results on Tuesday.
The scientists cited risks of nuclear war, climate change, potential misuse of biotechnology and the increasing use of artificial intelligence without adequate controls as it made the annual announcement, which rates how close humanity is from ending.
Last year the clock advanced to 89 seconds to midnight.
Since then, “hard-won global understandings are collapsing, accelerating a winner-takes-all great power competition and undermining the international cooperation” needed to reduce existential risks, the group said.
They worry about the threat of escalating conflicts involving nuclear-armed countries, citing the Russia-Ukraine war, May’s conflict between India and Pakistan and whether Iran is capable of developing nuclear weapons after strikes last summer by the US and Israel.
International trust and cooperation is essential because, “if the world splinters into an us-versus-them, zero-sum approach, it increases the likelihood that we all lose,” said Daniel Holz, chair of the group’s science and security board.
The group also highlighted droughts, heat waves and floods linked to global warming, as well as the failure of nations to adopt meaningful agreements to fight global warming — singling out US President Donald Trump’s efforts to boost fossil fuels and hobble renewable energy production.
Starting in 1947, the advocacy group used a clock to symbolize the potential and even likelihood of people doing something to end humanity.
At the end of the Cold War, it was as close as 17 minutes to midnight. In the past few years, to address rapid global changes, the group has changed from counting down the minutes until midnight to counting down the seconds.
The group said the clock could be turned back if leaders and nations worked together to address existential risks.
