Following Washington’s announcement of exclusions for consumer electronics and essential chipmaking equipment, China demanded on Sunday that the US “completely cancel” its retaliatory tariffs.
A spokesman for the trade ministry said in a statement, “We urge the US to… take a big step to correct its mistakes, completely cancel the wrong practice of’reciprocal tariffs’ and return to the right path of mutual respect.”
Smartphones, computers, memory chips, and other items will not be subject to the worldwide taxes that President Donald Trump implemented this month, according to a notification issued late Friday by the US Customs and Border Protection agency.
The exclusions, according to Beijing’s trade ministry, were a “small step” by Washington, and China was “evaluating the impact” of the ruling.
Beijing defied its largest trading partner as retaliatory Chinese import duties of 125 percent on US goods went into force on Saturday.
Apple, which manufactures iPhones and other high-end items in China, as well as US tech firms Nvidia and Dell will profit from the exclusions.
Following China’s exclusion from a 90-day tariff respite, the majority of Chinese exports are still subject to a general 145 percent penalty.
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Additionally, the stock market has benefited greatly from this exemption, with firms like Apple benefiting the most. Because Bitcoin and equities are correlated, it is therefore common for the cryptocurrency market to rise in tandem.
In the meanwhile, this action may potentially signal the start of the US-China trade war’s conclusion. China recently placed a 125% duty on US imports after the US decided to apply 145% duties on Chinese goods, as CoinGape reported.
Trump has already stated that he is eager to reach an agreement with China, which is good for the market as well. After then, there may be another significant surge in Bitcoin and other cryptocurrencies.
Before market players begin to feel optimistic, the expert thinks it is critical that the price of Bitcoin reach the $89,000 barrier. For things to start looking very positive for the market, he noted, the macro side must also align.
The Federal Reserve just announced intentions to supply liquidity if needed, so the macro aspect appears to be moving along nicely.
The Fed may begin loosening monetary policy as a result of the most recent CPI and PPI inflation statistics, which were both below forecast.
