China to exempt US soyabeans, pork from additional tariff

Reuters Shanghai | Updated on September 13, 2019

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

The US 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 tariff of 25 per cent on US agricultural products including soyabeans and pork in July 2018. It raised tariff on soyabeans by a further 5 per cent and on pork by a further 10 per cent on September 1. “China supports relevant enterprises buying certain amounts of soyabeans, pork and other agricultural products from Friday 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 favourable 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. US President Donald Trump said on Thursday he preferred a comprehensive trade deal with China but did not rule out the possibility of an interim pact.

Published on September 13, 2019

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