> SUBSCRIBE FOR FREE! 

U.S. President Donald Trump on Wednesday (Sept. 11) welcomed China’s decision to exempt some U.S. anti-cancer drugs and other goods from its tariffs and announced a delay to scheduled tariff hikes on billions worth of Chinese goods.

Reuters reported that Beijing’s exemptions and Washington’s delay came days ahead of a planned meeting aimed at defusing a trade war between the world’s two largest economies.

China’s decision to exempt some U.S. goods was a “big move” by Beijing and a positive gesture before trade negotiators from both countries meet in Washington, Trump told reporters at the White House.

China on Wednesday announced its first batch of tariff exemptions for 16 types of U.S. products, including some anti-cancer drugs and lubricants, as well as animal feed ingredients whey and fish meal, according to a Ministry of Finance statement on its website.

Beijing said in May that it would start a waiver program, amid growing worries over the cost of the protracted trade war on its already slowing economy.

For the full story click here.