China cancelled additional tariffs for US soybeans and pork

On September 13, the Customs Tariff Committee under the State Council of the People's Republic of China cancelled additional import tariffs for US soybeans and pork, UkrAgroConsult reports.

According to the State Committee for Development and Reform of the PRC and the Ministry of Commerce of the PRC, China supports domestic companies to purchase American agricultural products in accordance with market rules and the WTO.

This step was taken after US President Donald Trump had announced that Washington would postpone the introduction of new duties on Chinese goods in the amount of USD 250 bln for the period of October 1–15 at the request of Beijing.

Under the message, China has a large market and wide prospects of importing agricultural products from the USA. The country hopes that the US will keep its word, fulfil its obligations and create favourable conditions for bilateral agricultural cooperation.

The relative normalization of bilateral relations in anticipation of the upcoming trade negotiations scheduled for early October increases the chances of a more constructive nature of their relations.

The soybean prices showed a new increase during the yesterday’s session and temporarily crossed the 9 $/b level on November 2019 contract in Chicago, Agritel informs.