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China to exclude US farm products from additional tariffs–Report

China to exclude US farm products from additional tariffs–Report

Mubasher: China announced on Friday that it will exempt some farm products imported from the US from the additional retaliatory tariffs, another move of goodwill towards Washington, according to Xinhua.

The Customs Tariff Commission of the State Council will exclude some agricultural products, including soybeans and pork from the additional duties, the Chinese state news agency said, citing official sources.

The Chinese government supports local businesses in buying a certain amount of farm products, under the rules of the market and the World Trade Organization (WTO), Xinhua cited sources at the National Development and Reform Commission and the Ministry of Commerce.

The move came as the world’s two biggest economies has been recently exchanging goodwill gestures on their tit-for-tat tariff war.

The US administration postponed the implementation of a tariff hike to 30% on $250 billion worth of Chinese goods to 15 October instead of 1 October, after China announced that it would exempt 16 types of US products.

Another sign of a thaw in the trade tensions between Washington and Beijing was President Donald Trump’s hint that he would consider an interim deal.

Beijing said it hopes the White House to make good on its word, take steps in undertaking its commitments, and create suitable conditions for bilateral agricultural cooperation.