China's leading officials have vowed to enhance support for the economy

China's leading officials have vowed to enhance support for the economy, which is reeling from a significant trade conflict with the United States.
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Beijing has rejected President Donald Trump's assertions regarding ongoing tariff negotiations. According to Chinese Foreign Ministry spokesperson Guo Jiakun, formal discussions between the two countries concerning the trade war, initiated by US tariffs earlier this month, have not been taking place.

Current US tariffs on Chinese goods have surged to 145 percent, while China's retaliatory tariffs on US imports have reached 125 percent. China maintains that the US must first remove all "unilateral" tariffs to resolve the ongoing trade dispute. In an effort to bolster the economy, China's top officials, including President Xi Jinping, held a meeting on Friday to underscore their commitment to supporting businesses and workers dealing with "external shocks," as reported by the state news agency Xinhua. They expressed intentions to collaborate with the international community to strengthen multilateralism and oppose unilateral coercive measures. The summary of the meeting indicates that the government is prepared to implement new policies in response to the economic impacts of external factors, as noted by Zhiwei Zhang, president and chief economist of Pinpoint Asset Management. However, Zhang pointed out that Beijing does not appear to be in a hurry to initiate a significant stimulus package at this time. "It requires time to assess and determine the appropriate timing and scale of the trade impact," he added. Reuters has reported that China is considering exemptions for certain US imports, though Beijing has not publicly addressed this matter. Businesses have been asked to identify critical goods that may require tariff relief, but no official list has yet been issued, according to the report. Some exemptions already granted include claims that 131 product categories, such as pharmaceuticals and aerospace components, may qualify. The European Union Chamber of Commerce in China confirmed discussions with authorities on this topic, highlighting that many companies depend on essential US imports. The American Chamber of Commerce also indicated that some pharmaceutical firms have received exemptions for particular drugs. French aerospace company Safran noted receiving exemptions for specific aircraft components. Analysts believe these measures could help reduce costs for Chinese companies and alleviate pressure on US exporters.
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The Commerce Ministry has not yet provided a public statement regarding the exemptions and has redirected questions to "relevant authorities." Meanwhile, global markets are closely monitoring developments for any potential signs of de-escalation from both the US and China.

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