Daily SumUp

: China on Sunday called on the United States to “completely cancel” its reciprocal tariffs after Washington announced exemptions for consumer electronics and key chipmaking equipment.

“We urge the US to... take a big step to correct its mistakes, completely cancel the wrong practice of ´reciprocal tariffs´ and return to the right path of mutual respect”, a commerce ministry spokesperson said in a statement.

A notice late on Friday by the US Customs and Border Protection office said smartphones, laptops, memory chips and other products would be excluded from the global levies President Donald Trump rolled out this month.

Beijing´s commerce ministry said the exemptions were a “small step” by Washington and China was “evaluating the impact” of the decision. It came as retaliatory Chinese import tariffs of 125 percent on US goods took effect on Saturday, with Beijing standing defiant against its biggest trade partner.