(ZeroHedge)—China has quietly started to exempt some US goods from tariffs that likely cover around $40 billion worth of imports (or around 24% of Chinese imports from the US in 2024), in what looks like an effort to soften the blow of the trade war on its own economy.
“China is likely trying to mitigate damage to its economy by avoiding a collapse in key imports,” DiPippo said.
“The exemptions shouldn’t be interpreted as a signal to the US, as China has been quiet about its exemptions, working through business channels and avoiding public statements.”
While this move mirrors the shift by the Trump administration – exempting smartphones and other electronics from its own “reciprocal” tariffs, including the 145% levies on China (those US exemptions apply to about $102 billion, or roughly 22% of US imports from China last year) – we suspect there is more behind this decision.
As we highlighted just a week ago, China’s already fragile economy faced a serious crisis from the tariff-driven cuts to supply of US ethane and the potential for that to force mass plastics factory closures.
“The situation is dire for China’s ethane crackers as they have no alternative to US supply,” said Manish Sejwal, an analyst at Rystad Energy AS, using an industry term for such facilities.
“Unless they are granted tariff exemptions, they may have to stop production or close shop.”
Well guess what just happened… buried deep among the 131 items is, you guessed it – industrial chemicals (which likely includes US Ethane supplies).
Bloomberg reports that it’s unclear where the list came from and it hasn’t been officially confirmed, but at least half a dozen companies in China have been able to bring in goods from the list without paying tariffs, according to people familiar with the matter, who asked not to be identified discussing confidential information.
No matter the reason – forced by factory closure crisis or simply goodwill – there are tentative signs the US-China trade standoff could be shifting.
The Chinese Commerce Ministry said on Friday it’s assessing the possibility of trade talks with the US, giving a lift to equity markets.
“The US has recently sent messages to China through relevant parties, hoping to start talks with China,” the ministry said in a statement released during a mainland holiday.
“China is currently evaluating this.”
The timing of the tit-for-tat escalation and de-escalation is very similar to last time (though this time the pain was far greater to prompt the walkbacks on both sides)…
The list of exemptions is said to be dynamic and will be continuously adjusted depending on China’s needs, according to people familiar with the matter.
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