China yesterday was in the process of waiving retaliatory tariffs on imports of US pork and soy by domestic companies, a procedural step that might also signal that a broader trade agreement with the US is drawing closer.
The Chinese Ministry of Finance said it has started to process the applications after the firms purchased a certain amount of US goods based on its needs.
The ministry is working to waive the tariffs resulting from the trade dispute on those goods, it said in a statement.
US and Chinese negotiators have signaled that they might be drawing closer to agreeing on phase one of a broader accord that would resolve the trade dispute.
China began issuing waivers on US soybeans, cotton, corn, sorghum and pork as the Asian nation sought to press forward on a trade deal.
While the waivers allow buyers to import US soybeans without paying the 30 percent tariffs, some traders had difficulty clearing customs as they were required to pay a deposit in lieu of the levy before they could apply to the ministry for an exemption.
Many had been struggling to pay, people familiar with the matter said last month.
However, China’s customs authorities began letting importers use a letter of guarantee from banks instead of cash to pay the deposit, allowing the beans to flow again, the people said.
Still, unless new quotas for waivers are issued, US exporters might not see a huge inflow into China.
Buyers have used up almost all of their waivers to purchase US soybeans, people familiar with the matter told reporters earlier this week.
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