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China will exclude soy and pork from additional tariffs on US products

China will exclude some agricultural products from additional tariffs on US goods, including soybeans and pork, state agency Xinhua News reported Friday, at the latest sign of relief in tensions between Washington and Beijing before a new round of negotiations.

Corral with pigs

Corral with pigs. / Via REUTERS

Reuters | Andrew Galbraith

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Leer en español: China excluirá soja y cerdo de aranceles adicionales a productos EEUU

Both the United States and China have made conciliatory gestures. Beijing renewed purchases of US agricultural goods and President Donald Trump delayed an increase in tariffs on certain Chinese products.

China imposed additional levies of 25% on US agricultural products, including soybeans and pork in July 2018. It raised the tariff by another 5% on oilseed and by 10% on pork on September 1.

"China supports relevant companies that buy certain amounts of soybeans, pork and other agricultural products as of today according to market principles and WTO rules," Xinhua said, adding that the State Council Customs Commission will exclude additional tariffs on such goods.

China has "broad prospects" for importing high-quality US agricultural products, Xinhua reported, citing unidentified authorities.

"We hope that the United States respects his words and keeps his promise to create favorable conditions for cooperation in agricultural areas between the two countries," the report said.

Also read: Are China and the U.S minimizing trade war?

Before the announcement of additional tax exemptions, Chinese firms bought at least 10 shipments with soybeans on Thursday, the country's most significant acquisitions since at least June.

Officials from both countries will meet next week in Washington before the negotiations of high-ranking authorities scheduled for early October.

The president of the United States, Donald Trump, said Thursday that he preferred a comprehensive agreement with China, but did not rule out the possibility of provisional treatment.

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