China exempts some goods from US tariffs to limit trade war pain

China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

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But, he cautioned: "It’s clear that neither the U.S. nor China want to be the first in reaching out for a deal."