China to exclude pork, soybeans from additional tariffs on US goods

[SHANGHAI] China’s State Council will exclude some agricultural products, including soybeans and pork, from additional tariffs on US goods, China’s official Xinhua News Agency reported on Friday, citing official sources.

The editor-in-chief of state-run newspaper Global Times, Hu Xijin, also posted on Twitter: “Based on what I know, Chinese govt encourages Chinese companies to buy certain amount of US farm products, including soybeans and pork, which will also be exempted from additional tariffs.” Mr Hu’s tweets have been used in recent months to accurately forecast several moves by Beijing. “It is hoped the US side can keep goodwill reciprocity with China through practical actions.”

The Global Times is a tabloid run by the People’s Daily, the Communist Party’s flagship newspaper. Mr Hu has said that the publication voices opinions that official sources can’t.

Trump administration officials have discussed offering a limited trade agreement to China that would delay and even roll back some US tariffs for the first time in exchange for Chinese commitments on intellectual property and agricultural purchases, Bloomberg reported. The two countries are preparing for face-to-face talks in Washington in the coming weeks.

Market voices on:

China this week announced a range of American goods to be exempted from 25 per cent extra tariffs put in place last year, as the government seeks to ease the impact from the trade war without lifting charges on major agricultural items like soybeans and pork. Pharmaceuticals and lubricant oil are among exclusions to levies on imports announced by the Ministry of Finance.


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