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China adds US agricultural products to tariff exemptions ahead of trade talks

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Chinese President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting during the G20 Summit on June 29, 2019 in Osaka, Japan.

China News Service | Getty Images

China plans to exclude American farm goods, including soybeans, from tariffs in the latest move to ease trade tensions before the two countries restart trade talks next month.

The Chinese Ministry of Commerce said Friday China welcomed President Donald Trump’s decision to delay tariffs by two weeks and said it will exempt U.S. agricultural products such as soybeans and pork from additional tariffs.

These farm goods add to 16 types of U.S. products that will be exempt from tariffs.The exemption will be valid for a year through to September 16, 2020.

The move came after Trump said Thursday he would consider an interim trade deal with China, even though he would not prefer it.

China’s agriculture buying has been a sticking point in the trade battle as Trump has repeatedly accused China of not following through on its promises. China said Thursday that domestic firms have started making inquires about prices on U.S. soybeans and pork. Chinese importers reportedly bought a total of 600,000 metric tons of soybeans from U.S. Pacific Northwest export terminals from October to December.

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How to stay safe while flying and staying in hotels during a pandemic

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Australian retailers suffer worst quarter in 20 years, exports shine

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Shoppers walk past a retail store in Australia.

Brendon Thorne | Getty Images

Australia’s retailers are facing a consumption drought as the country’s second biggest state locks down to fight the coronavirus and as data showed sales volumes suffered their biggest plunge in two decades in the second quarter.

Retail sales adjusted for inflation slipped 3.4% in the June quarter, Tuesday’s data from the Australian Bureau of Statistics showed, the steepest decline since the introduction of the goods and services tax in 2000. Analysts were expecting a 3.2% fall in the quarter.

The larger-than-expected drop suggests consumer spending will be a drag on gross domestic product growth in the June quarter.

The sales downturn was driven by cafes & restaurants, off 29.1%, and clothing, footwear and personal accessory, down 22%. There were also losses in food retailing.

The slump in volumes contrasts with value-based retail numbers, with June seeing a solid 2.7% jump in monthly sales and May recording a stellar 16.9% rise as shops, restaurants and pubs fully reopened across large parts of Australia.

Economists warned the outlook was clouded by a second wave of coronavirus infections in the state of Victoria, with weekly spending data by the country’s major banks already showing signs of moderation.

Victoria declared a “state of disaster” this week following a relentless surge in coronavirus infections since late June.

In contrast to retailers, Australia’s exporters have been going gangbusters thanks to demand from China for iron ore and other resources, while imports have been hammered by the lockdowns.

Separate data on Tuesday showed the trade surplus swelled to A$8.2 billion in June, taking the total for the second quarter to a whopping A$23.4 billion.

Exports rose 3% in June underpinned in part by sharply rising prices for iron ore and gold, providing a windfall to miners’ earnings and government tax receipts.

Exports to China alone hit an historic high of A$14.6 billion for the month, bringing the rolling 12-month total to A$151 billion.

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New Delhi cannot fully cut off economic ties with Beijing

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India China tensions: New Delhi cannot fully cut off economic ties with Beijing