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International News

Sep 14, 2019
12:04PM

China to lift punitive tariffs imposed on US soybeans, pork

AIR PIC
China will lift punitive tariffs imposed on US soybeans and pork in a trade war with Washington, a state news agency said yesterday, adding to conciliatory gestures by the two sides ahead of negotiations.

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

US Secretary Steven Mnuchin called Wednesday's tariff delay by Trump a goodwill gesture to the Chinese. Chinese negotiators are due to meet in early October with US Treasury Secretary, Mnuchin and U.S. Trade Representative Robert Lighthizer in Washington. 

Tariff hikes by both sides on billions of dollars of goods have disrupted business for farms and factories in both countries, weighing on global economic growth.

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