Container trucks arrive at the Port of Long Beach on August 23, 2019 in Long Beach, California. - President Donald Trump hit back at China on August 23, 2019, in their mounting trade war, raising existing and planned tariffs in retaliation for Beijing
PHOTO: FREDERIC J. BROWN/AFP/Getty Images
Container trucks arrive at the Port of Long Beach on August 23, 2019 in Long Beach, California. - President Donald Trump hit back at China on August 23, 2019, in their mounting trade war, raising existing and planned tariffs in retaliation for Beijing's announcement earlier in the day of new duties on American goods. (Photo by Frederic J. BROWN / AFP) (Photo credit should read FREDERIC J. BROWN/AFP/Getty Images)
Now playing
01:21
China waives tariffs on some US goods
LONDON, ENGLAND - JANUARY 29: General View of BBC Broadcasting House on January 29, 2020 in London, England.
PHOTO: Peter Summers/Getty Images
LONDON, ENGLAND - JANUARY 29: General View of BBC Broadcasting House on January 29, 2020 in London, England.
Now playing
03:22
China bans BBC News after UK pulls CGTN's license
Biden US China tech war Wang pkg intl hnk vpx_00010025.png
Biden US China tech war Wang pkg intl hnk vpx_00010025.png
Now playing
02:37
US-China tech rivalry will likely continue under Biden presidency. Here's why
Jack Ma makes his first public appearance since late October in a new video published on January 20 by Tianmu News, a subsidiary of the Zhejiang government
PHOTO: Tianmu News
Jack Ma makes his first public appearance since late October in a new video published on January 20 by Tianmu News, a subsidiary of the Zhejiang government's official newspaper.
Now playing
02:20
See Jack Ma's first public appearance in months
In this photo taken on September 5, 2020, people wearing face masks walk in a shopping mall in Wuhan, China
PHOTO: Hector Retamal/AFP/Getty Images
In this photo taken on September 5, 2020, people wearing face masks walk in a shopping mall in Wuhan, China's central Hubei province. - China is recasting Wuhan as a heroic coronavirus victim and trying to throw doubt on the pandemic's origin story as it aims to seize the narrative at a time of growing global distrust of Beijing. (Photo by Hector RETAMAL / AFP) / TO GO WITH AFP STORY HEALTH-VIRUS-CHINA-DIPLOMACY-WUHAN,FOCUS BY DAN MARTIN (Photo by HECTOR RETAMAL/AFP via Getty Images)
Now playing
01:32
China's economy grows 2.3% in 2020
A split of Chinese President Xi Jinping and US President Donald Trump.
PHOTO: Getty Images
A split of Chinese President Xi Jinping and US President Donald Trump.
Now playing
02:06
Trump administration dials up US-China tech tensions
NEW YORK, NEW YORK - NOVEMBER 24: People walk past the New York Stock Exchange (NYSE) on November 24, 2020 in New York City. As investor
PHOTO: Spencer Platt/Getty Images
NEW YORK, NEW YORK - NOVEMBER 24: People walk past the New York Stock Exchange (NYSE) on November 24, 2020 in New York City. As investor's fear of an election crisis eases, the DowJones Industrial Average passed the 30,000 milestone for the first time on Tuesday morning. (Photo by Spencer Platt/Getty Images)
Now playing
02:20
Chinese firms face delisting threat
Screengrab Ant group
PHOTO: CCTV
Screengrab Ant group
Now playing
02:35
Chinese government halts Ant Group's giant IPO
HONG KONG - 2019/04/06: In this photo illustration a Chinese online payment platform owned by Alibaba Group, Alipay, logo is seen on an Android mobile device with People
PHOTO: SOPA Images/LightRocket/LightRocket via Getty Images
HONG KONG - 2019/04/06: In this photo illustration a Chinese online payment platform owned by Alibaba Group, Alipay, logo is seen on an Android mobile device with People's Republic of China flag in the background. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)
Now playing
02:40
How China's Ant Group built a $17 trillion payments machine
A pedestrians walks past HSBC signage in the Admiralty district of Hong Kong on July 31, 2017.
HSBC said on July 31 pre-tax profit for the first half of 2017 had risen five percent to 10.2 billion USD compared with the same period last year, in what it called an "excellent" result following a turbulent 2016. / AFP PHOTO / ISAAC LAWRENCE        (Photo credit should read ISAAC LAWRENCE/AFP via Getty Images)
PHOTO: Issac Lawrence/AFP/Getty Images
A pedestrians walks past HSBC signage in the Admiralty district of Hong Kong on July 31, 2017. HSBC said on July 31 pre-tax profit for the first half of 2017 had risen five percent to 10.2 billion USD compared with the same period last year, in what it called an "excellent" result following a turbulent 2016. / AFP PHOTO / ISAAC LAWRENCE (Photo credit should read ISAAC LAWRENCE/AFP via Getty Images)
Now playing
03:31
HSBC may have to choose between China and the West
Concept illustration released on Aug 23, 2016 by the lunar probe and space project center of Chinese State Administration of Science, Technology and Industry for National Defence shows the concept portraying what the Mars rover and lander would look like. China
PHOTO: Illustration/Handout/Xinhua/CNSA
Concept illustration released on Aug 23, 2016 by the lunar probe and space project center of Chinese State Administration of Science, Technology and Industry for National Defence shows the concept portraying what the Mars rover and lander would look like. China's planetary exploration program has been named Tianwen, or Quest for Heavenly Truth, the China National Space Administration announced on Friday.
Now playing
03:22
Mars is the latest arena in US-China rivalry
PHOTO: Photo Illustration: Shutterstock / CNN
Now playing
02:50
The moral dilemma of doing business in China, explained
BEIJING, CHINA - OCTOBER 27: A Chinese soldier stands guard in front of Tiananmen Gate outside the Forbidden City on October 27, 2014 in Beijing, China.  (Photo by Kevin Frayer/Getty Images)
PHOTO: Kevin Frayer/Getty Images
BEIJING, CHINA - OCTOBER 27: A Chinese soldier stands guard in front of Tiananmen Gate outside the Forbidden City on October 27, 2014 in Beijing, China. (Photo by Kevin Frayer/Getty Images)
Now playing
01:56
China censors a lot, from Winnie the Pooh to the NBA
SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
PHOTO: Zhao Yun/VCG via Getty Images
SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
Now playing
03:02
How Jack Ma changed China
PHOTO: Yum China
Now playing
01:43
Why American fast food chains will do anything to win in China
Now playing
01:51
What you need to know about Tencent
(CNN Business) —  

Global stocks are mostly on the rise after the United States and China took small steps toward cooling trade tensions between each other.

China announced Wednesday that it would waive tariffs on some US goods. US President Donald Trump followed with plans of his own to push back new tariffs on Chinese goods by two weeks.

Chinese companies are also looking into the cost of buying US agricultural products — including major imports like soybean and pork, a spokesman for China’s Commerce Ministry said Thursday.

On Thursday, China’s Shanghai Composite Index closed up 0.8%. Japan’s Nikkei (N225) also ended 0.8% higher. South Korean markets were closed for a holiday.

US market futures also rose. Dow futures gained 67 points after hours, or 0.25%. S&P 500 (SPX) futures were up 0.2% while Nasdaq (COMP) futures increased 0.4%.

Trump declared the US tariff delays as a sign of “good will” toward China. He said that an increase of tariffs from 25% to 30% on $250 billion worth of goods will be pushed from October 1 — the 70th anniversary of the People’s Republic of China — to October 15.

The exemptions announced by China also indicate an “olive branch” that suggests the country’s willingness to end or at least de-escalate tensions between the two sides, said Stephen Innes, a market strategist for Asia Pacific at AxiTrader.

But weak economic data from both countries is likely fueling a desire to reach some sort of agreement, according to Innes and other analysts. American manufacturing, for example, shrank for the first time in three years this summer.

That sector is “absolutely the chunk of the economy the president most wants to safeguard,” Innes wrote in a research note.

Trade data out of China, meanwhile, has indicated that soft global demand and tariffs are weighing on the country’s economy.

Hu Xijin, the editor of the Chinese state-run media outlet Global Times, told Bloomberg on Wednesday not to think of China’s exemptions as a “concession” from the country. But the Chinese government’s announcement still “reflects the growing impact of the tariffs upon the wider Chinese economy,” wrote Jingyi Pan, a strategist for IG Group, in a research note.

Others have also pointed out that China’s exemptions — which start September 17 and continue for a year — so far don’t include major goods that are subject to tariffs, like soybeans or meat. They instead include products like shrimp, fish meal and cancer treatment drugs.

“Chinese tariffs that really matter are the ones on US agricultural and manufacturing goods, produced mainly in states with strong support for Donald Trump,” said Artur Baluszynski, head of research at Henderson Rowe, on Wednesday. “We just don’t see China willing to negotiate on them before the race for US presidential elections really kicks off.”

The United States and China are expected to meet again face-to-face in Washington in the coming weeks for another round of trade negotiations. Experts have previously noted that a genuine compromise will be difficult, since the United States wants China to implement sweeping structural changes that would mean a significant reduction in the state’s role in the economy. China is reluctant to make reforms that would overturn its fundamental state-driven development model.

Other market moves in Asia

Hong Kong’s Hang Seng (HSI) Index was the only loser among major Asian indexes Thursday. It ended down 0.3%, dragged down by Hong Kong Exchanges and Clearing (HKXCF). The company, which owns the Hong Kong Stock Exchange, tumbled 3.5% Thursday — the day after it made a $37 billion takeover bid for the London Stock Exchange.

Analysts at Citi Research downgraded the company’s stock after the attempted acquisition was announced, citing high regulatory hurdles.

Meanwhile, Anheuser-Busch InBev (BUD) — the world’s biggest brewer — said Thursday that it will resume exploring a potential IPO in Hong Kong for its Asia business. The company earlier shelved that plan in July.

And Cathay Pacific (CPCAY), the flagship airline in Hong Kong, fell 0.9% Thursday after it announced an 11.3% drop in passengers for August compared to a year earlier. Ongoing mass protests in the city have taken a toll on the airline.

“August was an incredibly challenging month, both for Cathay Pacific and for Hong Kong, ” the airline company said in a filing Wednesday after market close. “Overall tourist arrivals into the city were nearly half of what they usually are in what is normally a strong summer holiday month, and this has significantly affected the performance of our airlines.”

CNN Business’ Anneken Tappe, Katie Lobosco and Donna Borak contributed to this report.