China will lift tariffs on imports of animal feed products from five Asian countries, according to the country’s Ministry of Finance, less than two weeks after the government pledged to impose retaliatory tariffs on $50 billion of US agricultural produce.
The move will affect soybeans, soymeal, soybean cake, rapeseed and fishmeal from Bangladesh, India, Laos, South Korea, and Sri Lanka, the ministry said on Tuesday, which are currently taxed at between 3% and 9% on arrival to China.
The tariff cuts have in fact been planned for several months, according to Reuters, as part of an agreement China made in January 2017 to remove duties on 2,000 goods. The timing, however, coincides with the latest round of trade arguments between Beijing and Washington, with US agricultural exports considered a key target for potential tariffs.
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