China to remove duties from U.S. pork and soybeans
China will remove duties from some U.S. exports like pork and soybeans, according to China’s finance ministry on Friday after it cited decisions made by the country’s cabinet.
The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the ministry said in a statement. However, it did not specify the quantities involved.
In July 2018, China had imposed tariffs of 25% on U.S. soybeans and pork as a countermeasure to tariffs levied by Washington over allegations that China was stealing and forcefully transferring Ammerican intellectual property to Chinese firms.
The move comes amid negotiations between the U.S. and China to include a ‘phase one’ deal in order to cool down a prolonged trade war between the two nations.
China has also been looking for more meat after an outbreak of African swine fever devastated its massive hog herd and cutting large supplies of pork.