China exempts some goods from U.S. tariffs to limit trade war pain

News Snapshot:

China has exempted some U.S. imports from its 125 per cent tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing’s concerns about the trade war’s economic fallout. The dispensation, which follows de-escalatory statements from Washington, signals that the world’s two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession. Beijing’s exemptions – which business groups hope would extend to dozens of industries – pushed the U.S. dollar up slightly and lifted...