China is encouraging companies to buy U.S. farm products including soybeans and pork, and it will exclude those goods from additional tariffs, the latest move to ease tensions before the two sides resume trade talks.
The Commerce Ministry’s announcement on Friday follows a move earlier this week to exempt a range of American goods from 25% extra tariffs put in place last year, as the government seeks to ease the impact from the trade war. China didn’t specify the amount of purchases of pork and soybeans, which are key exports in agricultural states important for President Trump ahead of next year’s election.
Trump administration officials have discussed offering a limited trade agreement to China that would delay and even roll back some U.S. tariffs for the first time in exchange for Chinese commitments on intellectual property and agricultural purchases, Bloomberg reported. Working-level teams from both countries are set to meet next week.
China bought about a million tons of pork so far this year, of which about 87,771 tons were from the U.S., according to Chinese customs data. Even if purchases tripled, imports would only make up about 6.6% of domestic supply, Citigroup Inc. said in a report on Sept. 12. The world’s biggest consumer of pork accounted for about half of global demand last year, while it produced about 54 million tons, Citigroup said.
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