China to lift punitive tariffs on US soybeans, pork

Sun Online Desk

15th September, 2019 11:28:48 printer

China to lift punitive tariffs on US soybeans, pork


China will lift punitive tariffs imposed on US soybeans and pork in a trade war with Washington, a state news agency said Friday.

China will suspend tariff hikes on soybeans, pork and some other farm goods, the Xinhua News Agency said, citing the Cabinet planning agency and the Commerce Ministry.

Beijing "supports domestic companies in purchasing a certain amount of US farm produce," it said, but it gave no details, reports Xinhua.

The move follows President Donald Trump's decision Wednesday to postpone a planned October 1 tariff hike on Chinese imports to October 15.

Hopes are growing that the two sides might defuse the prolonged dispute that is threatening global economic growth.

But there has been no sign of progress on the main issues in their sprawling conflict over trade and technology.

Beijing's decision to restore access to low-cost US soybeans also would help Chinese pig farmers who use soy as animal feed.

They are reeling from an epidemic of African swine fever that has caused pork prices to soar.