China Underground > China Finance > China plans to lift tariffs on U.S. soybean, pork imports

China plans to lift tariffs on U.S. soybean, pork imports

China’s Customs Tariff Commission of the State Council said Friday that the country is working on tax exemptions on part of the soybeans and pork imported from the United States, a move that could take some heat out of talks aimed at agreeing on a truce in the trade war.

The committee will apply a range of goods to be excluded from tariff countermeasures against the U.S. Section 301 measure, it said.

In September, Beijing announced it would exclude some soybeans and pork products from its newest tariffs.

According to domestic needs, Chinese enterprises import a certain amount of goods from the United States through market-based procurement.

The enterprises are expected to purchase goods eligible for an exemption based on independent negotiation, import as they see fit, and bear the related profits or losses, the commission said.

China was the biggest market for US producers before Beijing retaliated against US tariffs. In 2018, exports of soybeans to China fell to $3.1 billion, down from $12.2 billion the year before.

Pork producers are also concerned that they are missing out on a growing Chinese market, where demand has stimulated because of an outbreak of African swine fever that has ravaged China’s pig herds.

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