China to exempt U.S. pork, soybeans from additional tariffs: Xinhua

SHANGHAI (Reuters) – China will exempt some agricultural products from additional tariffs on U.S. goods, China’s official Xinhua News Agency said Friday, in the latest sign of easing Sino-U.S. tensions before a new rounds of talks aimed at curbing a bruising trade war. The United States and China have both made conciliatory gestures, with China renewing purchases of U.S. farm goods and U.S. President Donald Trump delaying a tariff increase on certain Chinese goods. China had imposed additional tariffs of 25% on U.S. agricultural products including soybeans and pork in July 2018. It raised tariffs on soybeans by a further 5% and on pork by a further 10% 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 U.S. agricultural goods, Xinhua reported, citing unnamed authorities. An outbreak of deadly African swine fever, which has cut China’s pig herd by a third since mid-2018, has propelled Chinese pork prices to record levels and left the country in… continue reading

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