Goodwill hunting. The Chinese government, for the first time since the U.S.-China trade war began, granted tariff waivers on some U.S. goods on Wednesday, saying it would exempt for one year 16 types of U.S. goods from 25 percent extra tariffs. Then, as a gesture of goodwill, U.S. President Donald Trump announced a two-week delay of a 5 percent tariff hike on $250 billion worth of imports from China. Originally, the hike to 30 percent from 25 percent was due to occur on Oct. 1, which happens to be the 70th anniversary of the founding of the People’s Republic of China. New negotiations are expected to take place at some point before those new U.S. tariffs hit on Oct. 15. According to Bloomberg, Beijing is also preparing to increase purchases of some U.S. agricultural goods, ostensibly to further boost the prospects of talks but also to deal with a rapid rise in pork prices in China. An editorial in the Chinese Communist Party-controlled Global Times, meanwhile, said it was time to put an end to the trade war, and earlier this week, an ABC News/Washington Post opinion poll found that 56 percent of Americans oppose the administration’s handling of the trade dispute with China. We’re a broken record at this point, but there’s little reason to expect any sort of imminent resolution even if the talks proceed as planned.

On second thought. Four unnamed sources said U.S. President Donald Trump appeared to be considering a French proposal to extend a $15 billion credit line to Iran if the Iranian government returns to compliance with the nuclear deal. Last week, a senior U.S. official said the administration was skeptical of the proposal, which would mark a reversal from the current “maximum pressure” strategy. Trump also could meet with Iranian President Hassan Rouhani on the sidelines of the U.N. General Assembly later this month.

How low can you go? The European Central Bank announced a deposit rate cut to minus 0.5 percent from minus 0.4 percent, a tiered interest-rate system to exclude some bank deposits and, most important, the resumption of its quantitative easing program with no end date. The rate cut is bad news for eurozone banks, whose profit margins have been slowly eroded over time, but the introduction of tiered rates will help offset some of the damage. The quantitative easing program will include monthly bond purchases of 20 billion euros ($22 billion) and raises its own set of challenges. The news further enraged Trump, who just yesterday in a tweet called on the U.S. Federal Reserve to cut interest rates to zero or below. Meanwhile, industrial output in the eurozone contracted by 0.4 percent in July relative to the previous month and by 2 percent relative to July 2018. Germany stole the show with a 5.3 percent annual drop, while France saw only a 0.3 percent decline (and a 0.2 percent increase over the previous month). Germany’s Ifo Institute, an economic think tank, joined the wave of organizations slashing growth projections for Germany, cutting its 2019 prediction to 0.5 percent from 0.6 percent and its 2020 figure to 1.2 percent from 1.7 percent. Another German think tank, IMK, said there was a 59.4 percent chance the economy was in recession, up from 43 percent last month, and a third group, the Kiel Institute for the World Economy, said Wednesday that it expected a 0.3 percent drop in German output in the third quarter.

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