US pork and soybeans to be exempted from additional China tariffs, says Xinhua
By Duncan Ferris
Date: Friday 13 Sep 2019
(Sharecast News) - China will exempt some US agricultural imports, such as pork and soybeans, from additional tariffs, according to Chinese state news agency Xinhua.
The nature of the exemption, which is the latest sign of thawing relations between two of the world's two largest economies, has not been confirmed by the Chinese Ministry of Commerce but both pork and soybeans have been subjected to heavy tariffs, with total levies on frozen US pork currently standing at 72%.
Meanwhile, yellow soybeans from the US are currently subject to 30% tariffs and have largely been replaced by imports from Brazil.
However, Chinese companies made their largest daily purchases of US soybeans since June on Thursday, with 600,000 tonnes set to be shipped from the US according to sources cited by CNBC.
This latest news comes after China said earlier in the week that it will exempt 16 other types of US imports from tariffs, while Washington delayed a 5% tariff increase on some Chinese goods by two weeks.
Meanwhile, US President Donald Trump said on Thursday that he would prefer to secure a comprehensive trade deal with Beijing but did not rule out the possibility of an interim pact.
After the last round of talks collapsed with resolution at the start of the summer, representatives of China and the US are currently preparing to recommence top-level trade negotiations next month, with low-level officials set to begin preparatory meetings next week.
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