Trade war: China says US soybeans, pork to be exempt from tariff hikes
U.S. soybeans and pork, in addition to some other farm products, will be exempt from additional tariff hikes, easing tensions between the two sides ahead of trade negotiations next month, according to a Chinese state news agency.
The official Xinhua News Agency announced the move Friday, cited unidentified official sources, but gave no details.
The U.S. and China agreed to meet in early October for another round of trade negotiations in Washington, but economists are lacking optimism over a final deal due to the scale of disagreements between the two governments who escalated their fight on Sept. 1.
Friday’s developments follow President Trump’s announcement earlier this week that he would postpone a planned increase in tariffs on Chinese goods as a goodwill gesture.
American soybean farmers are among the hardest hit from the prolonged trade war. The American Farm Bureau Federation did not return FOX Business’ request for comment at the time of publication.
The Associated Press contributed to this report.