Chinese Ministry of Finance announced on Wednesday the exemption of 16 types of American products from additional retaliatory tariffs.
The Chinese decision is taking effect next week will be valid for a year, the ministry said. Beijing’s move seems to be a goodwill gesture to Washington ahead of negotiations in October aimed at ending the trade war.
Scholz Prepares His Guns
Germany’s Finance Minister Olaf Scholz said on Tuesday that firms worldwide were waiting for an improvement in the Sino-US trade relations. Scholz added the trade dispute needed a solution quickly.
“Everywhere in the world companies are waiting to finally get a positive signal that things are moving in another direction again so they can finally invest. It is urgently necessary for the U.S. and China to reach an agreement in the trade dispute.” Scholz told the Bundestag lower house of parliament.
Speaking on the state of the German economy, he said Berlin was ready to pump “many, many billions of euros” into its economy as a countermeasure to a potential slowdown in growth.
“It will be very important for us as the largest economy in the middle of the European Union, whether we are actually able to counteract a negative economic trend. With the solid financial foundations we have today, we are in a position to counter an economic crisis with many, many billions of euros, if one actually breaks out in Germany and Europe.” Scholz said.
South Korea Takes Japan to WTO
South Korea’s Trade Minister said Wednesday that Seoul was planning to file a complaint against Japan at the WTO over the latter’s tighter export controls. Minister Yoo accused Tokyo of acting “politically motivated” and “discriminatory” in a deepening diplomatic crisis stemming from the two countries’ wartime history.
API Figures Twice Lower Than Forecast
The American Petroleum Institute reported Tuesday that US crude inventories were down by 7.2 million barrels in the week that ended on September 6 to 421.9 million. The drop was more than twice compared to the market analysts’ expectations. The Energy Information Administration (EIA) is later on Wednesday set to release its own figure.