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China's Xi renews pledges to open economy, cut tariffs this year as U.S. trade row deepens
Chinese President Xi Jinping promised on Tuesday to open the country's economy further and lower import tariffs on products including cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United States. While most of the pledges were reiterations of previously announced reforms, which foreign businesses complain are long overdue, Xi's comments sent stock markets and the dollar higher on hopes of a compromise that could avert a trade war.
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