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China’s finance ministry has announced on Friday that they will be extending tariff exemptions on some imported goods from the United States until June 30, 2022.
There was no immediate market reaction to this news as trading conditions remain thin on Christmas Eve.
From January 2020 through November 2021, China’s total imports of covered products from the United States were $221.9 billion, compared with a phase one target of $356.4 billion (figure 1, red in panel a).
Over the same period, US exports to China of covered products were $199.2 billion, compared with a phase one target of $330.9 billion (blue in panel a). From January 2020 through November 2021, China’s purchases of all covered products reached 62 percent (Chinese imports) or 60 percent (US exports) of the phase one target.
US stock markets will return to action next Monday, 27 December. The S&P 500 Index registered impressive gains this week and closed within a touching distance of the record-high it set at 4,743. On a weekly basis, the index gained more than 2%.
