China Lifts Tariffs on U.S Agricultural Products

Beijing: China announced Wednesday that it will lift tariffs of up to 15% on some U.S agricultural products, including soybeans. A statement published on the Chinese Ministry of Finance website, quoting the State Council in Beijing, indicated that China will "suspend the implementation of additional tariff measures" imposed in an order issued last March on a range of US agricultural products. According to Yemen News Agency, the announcement comes less than a week after a summit between US President Donald Trump and Chinese President Xi Jinping. The statement from the Ministry of Finance, citing the State Council, further mentioned that for one year, the 24% tariffs on US goods will be suspended, while the 10% tariffs on US goods will remain in place. The statement reiterated that China "will suspend the implementation of additional tariff measures" imposed earlier this year on various US agricultural products. This development was publicized a day after President Trump signed an executive order reducing th e steep tariffs on several Chinese products from 20% to 10%. The reduction followed accusations against China for not taking adequate measures against the smuggling of fentanyl and other opioids causing a serious health crisis in the United States.