Date
21 October 2019
China's latest moves, including exempting US pork from additional tariffs, come ahead of a new round of talks aimed at curbing a bruising trade war. Photo: Bloomberg
China's latest moves, including exempting US pork from additional tariffs, come ahead of a new round of talks aimed at curbing a bruising trade war. Photo: Bloomberg

China to exempt US pork, soybeans from further tariffs: Xinhua

China will exempt some agricultural products from additional tariffs on US goods, China’s official Xinhua News Agency said on Friday, in the latest sign of easing Sino-US tensions before a new round of talks aimed at curbing a bruising trade war.

The United States and China have both made conciliatory gestures, with China renewing purchases of US farm goods and US President Donald Trump delaying a tariff increase on certain Chinese goods.

China had imposed additional tariffs of 25 percent on US agricultural products including soybeans and pork in July 2018. It raised tariffs on soybeans by a further 5 percent and on pork by a further 10 percent on Sept. 1.

“China supports relevant enterprises buying certain amounts of soybeans, pork and other agricultural products from today in accordance with market principles and WTO rules,” Xinhua said, adding that the Customs Tariff Commission of China’s State Council would exclude additional tariffs on those items.

China has “broad prospects” for importing high-quality US agricultural goods, Xinhua reported, citing unnamed authorities.

“It is hoped that the US will be true to its words and fulfill its promise to create favorable conditions for cooperation in agricultural areas between the two countries,” the report said.

Before the announcement of additional tariff exemptions, Chinese firms bought at least 10 boatloads of US soybeans on Thursday, the country’s most significant purchases since at least June.

Lower-level US and Chinese officials are expected to meet next week in Washington before talks between senior trade negotiators in early October.

Trump said on Thursday he preferred a comprehensive trade deal with China but did not rule out the possibility of an interim pact. Reuters

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