China announced that they will exempt purchases of U.S. soybeans, pork, and other agricultural products from punitive tariffs, following President Trump’s delay of increased tariffs that would have taken effect Oct. 1, according to The Wall Street Journal.
China’s official Xinhua News Agency said the government supports Chinese companies purchasing U.S. agricultural products and will waive the tariffs that Beijing has imposed.
Beijing justified the lifting of tariffs on U.S. agricultural goods because President Trump delayed a new round of tariff increases on $250 billion of imports from China. Oct. 1 marks the 70th anniversary of Communist Chinese rule, but in what he called “a gesture of good will,” Trump pushed the date back to Oct. 15.
The new measure is expected to be celebrated by U.S. farmers growing soybeans in Illinois, raising cattle in Texas, and feeding hogs in North Carolina, who have all seen their businesses suffer and prices fall as a result of the U.S.-China trade war.
“The world is looking forward to progress on the China-U.S. consultations,” said Liu He, China’s chief trade negotiator. He said that working-level officials from both countries are set to meet next week to discuss bilateral trade balance, market access, and investor protections.