China quietly granted some carveouts from its 125 per cent retaliatory tariffs on U.S. goods, let some pharmaceuticals enter duty-free and could be considering exemptions for dozens of other products as the White House signals a desire to de-escalate. (Reuters)

Talking point: Beijing has not communicated publicly about any plans to lift the counter-tariffs it imposed on U.S. goods earlier this month after President Donald Trump hit China with 145 per cent broad-based duties, including the 20 per cent tariffs linked to fentanyl, but some businesses say they were notified of exemptions on some goods and asked to identify other American items that are hard to source elsewhere. The Washington Post reported some U.S. semiconductors are now exempt from the tariffs. Trump said Chinese President Xi Jinping has called him, but would not say when. Beijing again denied the two countries are in negotiations over tariffs. “The U.S. should stop creating confusion,” China’s foreign ministry said Friday on social media.