China will free American pork and soy from additional duties

China will free the import of American soybeans, pork, and other agricultural products from additional duties, opening the door for significant purchases of agricultural products from the United States, Xinhua News Agency reported.

China’s National Development and Reform Commission and the Department of Commerce have exempted these goods in response to a U.S. decision to postpone $ 250 billion in Chinese goods duties for two weeks in celebration of the 70th anniversary of the PRC.

Beijing will allow Chinese enterprises to purchase «a certain amount of agricultural products, such as soybeans and pork,» from the United States. 

«China’s market is large enough, and there is great potential for importing high-quality US agricultural products,» the Xinhua report said.

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At the same time, the Chinese authorities hope that «the United States will keep its word and fulfill its promises to create favorable conditions for cooperation between the two countries in the agricultural sector.»

China imposed additional duties of 25% on U.S. agricultural products, including soy and pork, in July 2018, Beijing increased duties on soybeans by another 5%, and on pork by another 10% from September 1.

According to Vesti.Ekonomika, US President Donald Trump said Thursday that the United States could enter into a temporary trade deal with China. He noted that he would prefer a full-fledged option, but you can act in stages.

Earlier, Bloomberg reported that the Trump administration is considering offering China a “limited” trade deal that would defer or even abolish certain US duties in exchange for Chinese purchases of US goods and intellectual property rights obligations.

Vice Premier of the State Council of the PRC Liu He at a meeting with Chairman of the US-China Business Council Evan Greenberg on Thursday welcomed Trump’s decision to postpone the planned increase in fees from October 1 to October 15. He also said that next week the parties will hold a meeting at the working level to lay the foundation for trade talks to be held in Washington in October.

Earlier this week, China exempted 16 categories of US goods, including medicines, from its import duties.

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