Markets are abuzz on reports from the Xinhua news that U.S. soybeans and pork will be exempted from additional tariffs. “The Customs Tariff Commission of the State Council will exclude some agricultural products such as soybeans and pork from the additional tariffs on U.S. goods,” Xinhua reported. “China supports domestic companies in purchasing a certain amount of U.S. farm produce in line with the rules of the market and the World Trade Organization, according to sources with the National Development and Reform Commission and the Ministry of Commerce,” the report noted.
The news service also noted the move was “after the United States decided to make adjustments to the additional tariffs to be imposed on Chinese goods on October 1.” Plus, the report talked up “high-quality” U.S. farm products.
“China has a huge market, and the prospects for importing high-quality U.S. farm produce are broad,” Xinhua said. “China hopes the United States will be true to its word, make progress on its commitments and create favorable conditions for bilateral agricultural cooperation, said sources with the relevant departments of China.”
This backs up a Xinhua report Thursday which said the list of 16 U.S. products that would be exempt from additional tariffs was the "first set of U.S. goods to be excluded," with Ministry of Commerce spokesman Gao Feng saying the commission would "continue to work on the exemption process and release subsequent lists in due course," Xinhua said.
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