US dials back tariffs on some big-ticket items made in China

The U.S. Trade Representative’s Office is excluding 36 items made in China, including big-ticket products such as floor coverings for homes and wheel rims for cars, from tariffs on the country's exports.

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The goods were originally part of the $200 billion worth of Chinese merchandise that were hit with a 25 percent tariff beginning Sept. 24, 2018.  Tuesday’s decision allows the companies that paid tariffs on those goods to get their money back.

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The U.S. has slapped tariffs on more than $350 billion worth of Chinese merchandise during the more than 16-month-long trade war between the world’s two economic superpowers. China has responded by placing duties on $160 billion of U.S. goods.

President Trump has pushed back against initial reports that the U.S. and China agreed to roll back tariffs if the first phase of a trade pact is reached; a comprehensive agreement would likely require two or three phases.

“China would like to make a deal much more than I would," the president told reporters Friday on the White House lawn. "They'd like to have a rollback. I haven't agreed to anything."

On Oct. 11, the two sides announced they had reached a framework for an initial trade deal, which included agricultural products and more. Trump and Chinese President Xi Jinping were hoping to sign a deal at the Asia-Pacific Economic Cooperation summit in Santiago, Chile, this week, but the event was canceled due to unrest in the country. A date for a formal signing ceremony hasn't yet been decided.

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FOX Business' Edward Lawrence contributed to this report.