U.S. stock futures climb as Trump delays some tariffs

Chinese Premier Li Keqiang talks with Executive Vice President and Head of International Affairs at the U.S. Chamber of Commerce Myron Brilliant during a meeting with a group of U.S. entrepreneurs at Zhongnanhai in Beijing China Sept. 10 2019

U.S. president Donald Trump has agreed to a two-week delay in a planned increase in tariffs on some Chinese imports.

Last month, the U.S. said it would increase the tariff rates on all Chinese goods, which included raising a 25% tax on $250bn of Chinese imports to 30%.

The gesture buoyed USA investor confidence, as futures jumped noticeably following Trump's tweet.

The move came after Beijing earlier in the day announced plans to ease tariffs on 16 categories of goods imported from the United States.

AUD/USD has climbed almost 3% since bottoming earlier this month. Farming and energy sectors have been hit especially hard, and some economic forecasters have predicted that a recession is imminent.

Today's exemptions apply to the round of tariffs China imposed on USA goods starting last July in retaliation for higher US levies.

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The announcement is the latest in a flurry of goodwill gestures from both sides in a year-long trade-war that has weighed on the global economy.

"There are still many uncertainties in the coming trade talks". The United States is by far China's largest supplier of whey, which is an important ingredient in piglet feed and hard to source in large volumes from elsewhere.

China Vice Premier Lui He and President Donald Trump
US-China Trade War: Beijing Exempts 16 Items From Retaliatory Tariffs Ahead Of Talks

Chinese officials say the exemptions will take effect next Tuesday and be valid for one year.

Mr Trump has imposed or announced penalties on about 550 billion dollars (£445 billion) of Chinese products, or nearly everything the United States buys from China. China said it will open the third tranche of tariffs up for exemption requests later, though it hasn't specified a date.

The Chinese economy is in a major slump.

Reducing America's soaring trade deficit with China has always been a principal aim in Trump's trade battle with Beijing, which he also accuses of stealing American technology and unfairly intervening in markets.

Trump escalated the U.S.

Beijing and Washington were close to a deal last spring but U.S. officials said China backed away from an agreed text over a reluctance to change laws to address USA complaints.

The South China Morning Post reported, citing an unidentified source, that China was expected to buy more agricultural products in hopes of a better trade deal with the United States.

But US businesses in China are increasingly pessimistic about their prospects, with a report released Wednesday saying growing numbers of companies expect their revenues and investment in the local market to shrink.

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