China to waive tariffs ! They BLINKED

  • In a positive gesture, China said on Friday that it will waive import tariffs for some soybeans and pork shipments from the U.S.
  • The two countries are trying to thrash out a broader agreement to defuse their protracted trade war.
  • The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country’s cabinet. It did not specify the quantities involved.

In a positive gesture, China said on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out a broader agreement to defuse their protracted trade war.

The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country’s cabinet. It did not specify the quantities involved.

China had imposed the levies in response to tariffs launched by Washington over allegations that China steals and forces the transfer of American intellectual property to Chinese firms, known as Section 301. That includes tariffs of 25% on both U.S. soybeans and pork in July 2018 and a further 10% on pork and 5% on soybeans in September this year.

www.cnbc.com/2019/12/06/china-to-waive-tariffs-on-some-us-soybeans-pork-in-goodwill-gesture.html?fbclid=IwAR2jMkJEOoPtCFSlelfm3qtp1AnUW7XysLUjIrYldLyLqzUkRS_AVQ3au5Y