Following President Trump’s decision to postpone a tariff hike on Chinese imports from Oct. 1 to Oct. 15, China announced it will suspend punitive tariff hikes on U.S. soybeans and pork.
According to Time, the Xinhua News Agency stated that Beijing “supports domestic companies in purchasing a certain amount of U.S. farm produce.”
Opening the door to U.S. soybeans would be helpful to Chinese pig farmers who are recovering from increased pork prices following an epidemic of African swine fever. Last year, in response to U.S. tariffs on Chinese goods, China imposed 25% tariffs on U.S. farm goods, ordering importers to stop purchasing U.S. soybeans.
While this suspension of tariff hikes appears to be an expression of goodwill ahead of negotiations between the U.S. and China, the Associated Press reports the disagreements between both countries will likely not lead to a resolution this year. This comes following failed negotiation attempts from May to July.
Negotiations are set to begin again in early October.
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