China to exempt U.S. pork, soybeans from additional tariffs: Xinhua

China will exempt some agricultural products from additional tariffs on U.S. goods, including pork and soybeans, China’s official Xinhua News Agency said Friday, in the latest sign of easing Sino-U.S. tensions before a new round of talks aimed at curbing a bruising trade war. The United States and China have both made conciliatory gestures, with China renewing purchases of U.S. farm goods and U.S. President Donald Trump delaying a tariff increase on certain Chinese goods. China had imposed three rounds of additional tariffs on U.S. pork, including 25% increases in April and July 2018 and a 10% bump this month, raising the total duty from 12% to 72%. For soybeans, additional tariffs of 25% in July 2018 and 5% this month lifted the total duty from 3% to 33%. It was not immediately clear if some or all of the additional tariffs would be suspended. U.S. farm groups cheered the goodwill gesture by the world’s largest pork consumer and top soybean buyer - though they hoped for more clarity from China on exactly what tariffs would be lifted. “The importance of this market to U.S. pork producers is clear,” said National Pork Producers Council President and North Carolina hog farmer David Herring. “U.S. pork exports could single handedly make a huge dent in the trade imbalance with China.”...MORE