China has announced the removal of tariffs on American agricultural products after President Donald Trump’s administration halved fentanyl-related export duties from China, Bloomberg reports.
Source: Espreso
According to a statement from China’s Ministry of Finance, starting November 10, tariffs will be completely lifted on soybeans, corn, wheat, sorghum, and chicken from the United States, which had been in place since March 4 of this year.
The agency notes that this move immediately affected global markets: soybean futures in Chicago rose by 1% during Asian trading.
Bloomberg emphasizes that the agreements are part of a broader trade deal between U.S. President Donald Trump and Chinese leader Xi Jinping. The document, designed for one year, has already helped stabilize tense economic relations between the two countries.