China to waive trade war tariffs for some US soybean & pork imports

Beijing is working to exclude some soybean and pork shipments from its retaliatory tariffs on Washington, China’s Finance Ministry has said, citing a decision by the tariff commission.

Chinese firms can file applications to get tariff waivers for US soybean and pork imports, the ministry said in a statement on Friday without elaborating on the quantities. It added that the companies are expected to purchase the goods on the basis of independent negotiations, import as they see fit, and bear the related profits or losses.

Some Chinese companies import a certain amount of goods from the US to cover domestic needs. China is currently facing a big shortage of pork as African swine fever wiped out a huge part of the country’s pig livestock.

The simmering trade row between Washington and Beijing has already resulted in import taxes on billions of dollars’ worth of goods. China hit US soybean and pork imports with 25-percent tariffs in July 2018 in response to US levies on its goods over alleged unfair trade practices by Beijing.

The two sides are currently working on a ‘phase one’ or interim deal to ease tensions, and lifting tariffs on each other’s goods is one of the key issues at the talks.

President Donald Trump escalated trade tensions earlier this week when he said that the trade deal with China may have to wait until after next year’s presidential election in the US.

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