China Will Waive Import Duties on some Soybean and Pork Supplies from the United States

World | December 6, 2019, Friday // 18:07| Views: | Comments: 0
Bulgaria: China Will Waive Import Duties on some Soybean and Pork Supplies from the United States Unsplash

China will waive import duties on some soybean and pork supplies from the United States, the Chinese Treasury said on Friday, citing a decision by the country's cabinet.

The tariff exemption is based on applications from individual soybean and pork companies in the United States, the ministry said. It does not list the corresponding quantities, CNBC reports.

In July 2018, China imposed a 25% duty on both soybean and pork from the United States, counteracting tariffs imposed by Washington over allegations that China was stealing and coercing the transfer of US intellectual property to Chinese companies.

The refusal comes amid negotiations between the United States and China to conclude a "phase one" or temporary deal to de-escalate a 17-month trade war between the two countries. Raising customs duties on goods is a key part of these talks.

China also needs serious meat imports to fill the big shortage after an outbreak of African swine fever devastated pork farms and thus reduced pork stocks.

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