Beijing is to lift punitive tariffs imposed on US soybeans and pork in a trade dispute with Washington, Xinhua news agency reported on Friday, adding to conciliatory gestures by the two sides ahead of negotiations.
China is to suspend tariff hikes on soybeans, pork and some other farm goods, the report said, citing the Cabinet’s planning agency and the Chinese Ministry of Commerce.
Beijing “supports domestic companies in purchasing a certain amount of US farm produce,” it said, without giving details.
The move follows US President Donald Trump’s decision on Wednesday last week to postpone a planned Oct. 1 tariff hike on Chinese imports to Oct. 15.
Hopes are growing that the two sides might defuse the prolonged dispute that is threatening global economic growth, but there has been no sign of progress on the main issues in their sprawling conflict over trade and technology.
Beijing’s decision to restore access to low-cost US soybeans would also help Chinese pig farmers who use soy as animal feed. They are reeling from an epidemic of African swine fever that has caused pork prices to soar.
Telephone calls to the Chinese Ministry of Commerce and Ministry of Finance were not answered on Friday, a national holiday in China.
“China has a huge market, and the prospects for importing high-quality US farm produce are broad,” Xinhua said. “China hopes the US will be true to its word, make progress on its commitments and create favorable conditions for bilateral agricultural cooperation.”
Beijing last year imposed 25 percent tariffs on US farm goods in response to Trump’s tariff hikes on Chinese goods. Importers were ordered to stop buying soybeans, the biggest US export to China.
China targeted farm goods, hurting rural areas that supported Trump in the 2016 presidential election.
Chinese importers were asking US suppliers for prices on soybeans and pork, the Chinese Ministry of Commerce said on Thursday, without any indication of whether they planned to place orders.
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