China to lift punitive tariffs on U.S. soybeans, pork

Chinese Vice Premier Liu He

Chinese Vice Premier Liu He

Also this week, China renewed its promise to buy USA agricultural goods such as pork and soybeans.

"President Trump in particular looks to be getting nervous at increasing signs that the trade war is impacting the United States growth outlook and the risk this poses to his reelection next year".

The reciprocal moves between the two countries could imply that both sides are ready for reconciliatory talks in Washington toward resolving the trade dispute that is impacting global economic growth, as well as ordinary Chinese people in mainland China. -China trade headlines popped out, marking some of the worst days for the USA stock market since the beginning of the year.

"It is hoped the US side can keep goodwill reciprocity with China through practical actions", Global Times editor-in-chief Hu Xijin said in a tweet shortly before the move was announced.

Chinese negotiators are due to fly to Washington in early October to meet with Mnuchin and U.S. Trade Representative Robert Lighthizer, according to the treasury secretary.

The IMF chief economist urged the two countries to conduct "productive" dialogue, and work together to improve and reform the rules-based multilateral trading system.

Hours later, Xi's government moved quickly to announce plans to buy more farming produce, such as pork and soybeans, setting the scene for next month's negotiations in Washington.

The series of tariffs on a large number of products the United States and China buy from each other has rattled investors and made consumers uneasy with the outlook of higher prices.

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The Commerce Ministry said Thursday importers were asking American suppliers for prices of soybeans and pork.

They were due to kick in on October 1, the 70th anniversary of the founding of the People's Republic of China.

China bought about a million tons of pork so far this year, of which about 87,771 tons were from the US, according to Chinese customs data. The world's biggest consumer of pork accounted for about half of global demand past year, while it produced about 54 million tons, Citigroup said. A headline agreement has already been achieved and we expect that a full trade deal will be rounded up before the end of this year. That means the country will need to fill the gap by itself, he said.

"China has a huge market, and the prospects for importing high-quality US farm produce are broad", Xinhua said.

Beijing's tariffs were imposed in response to U.S. President Donald Trump's tariff increases on Chinese products.

At each G20 Summit, Trump has agreed to stop imposing additional tariffs on China, only to renege on such promises and announce additional tariffs weeks later. The exemptions are effective from September 17 to September 16, 2020, and will cover 16 categories of products worth about US$1.65 billion, according to Bloomberg calculations based on China's 2018 trade data.

The Commerce Ministry said Thursday that exemptions were granted if no alternative suppliers could be found or the increase would hurt Chinese industry or the economy. The tariffs on those goods were set to increase to 30 percent from 25 percent. China began accepting applications for tariff exemptions in May, but it is the first time they have stated which products will be excluded. He also said that China welcomes the USA delay to its scheduled tariff hike on billions of dollars worth of Chinese goods.

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