China's Ministry of Finance said some of the US imported soybeans and pork would be exempt from tariffs as the two countries tried to negotiate.
"The State Council's Tariff Commission is clearing taxes on some soybean and pork, as well as other items based on applications from businesses," the Ministry of Finance said today. in a notice, but without more details.
Since the U.S.-China trade war broke out in April 2018, Beijing has raised taxes from 12% to 72% for US pork as of September. Meanwhile, the tariff for US soybeans has increased from 3 % to 33% after two taxes in July 2018 and September.
In order to reduce damage from the war, China, the world's largest consumer of soybeans, imported this item from other countries like Brazil to meet domestic demand. It also recently increased pork imports due to the African swine cholera, which nearly 1/3 of its pigs are culled.
Beijing's tensions have been eased as officials and Washington are trying to push a first-stage trade deal, in which China is committed to increasing purchases of U.S. agricultural products.
However, while the first phase agreement has not been signed, US President Donald Trump no longer seems to remain optimistic about the prospects of ending the trade war as before, when on 3/12 said the agreement The deal could be delayed until after the US presidential election in November 2020.
The deadline for the US to impose subsequent taxes on Chinese goods on December 15 is also imminent. Observers believe that once this tax comes into effect, the process of negotiating the first-phase trade agreement will be disturbed. However, Chinese Commerce Ministry spokesman Gao Feng yesterday said the two countries remained in close contact.