China to lift import tariffs on limited agricultural products

On August 6, 2019, China had stated it would stop importing U.S. agricultural products. It now plans on lifting import restrictions on a limited number of items.

On Wednesday, China’s Ministry of Commerce stated, it plans on removing import tariffs on certain items including soybean oil, rapeseed oil and palm oil.

The statement is in contrast with its earlier statement wherein it stated, Chinese companies had stopped purchasing U.S. agriculture products in response to U.S. President Donald Trump’s slapping additional tariffs on $300 billion Chinese imports.

China has removed these commodities from a draft tariff quota management list posted on Ministry of Commerce’s website; this means they will not be subject to import tariffs, which are otherwise applied to other agricultural products such as rice, wheat, and corn.

The draft is open to public feedback upto August 22.

Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy

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