China's tariff cut package on North American products also includes a reduction from 30% to 27.5% in import duties on soybeans from the United States, as reported on Thursday (06) by the Chinese Ministry of Finance. Rate updates take effect on February 14th. In addition to the oilseed, another 1,716 North American products will also have additional duty reductions worth US$ 75 billion in annual imports. The measure is part of “phase 1” of the agreement between China and the United States. "To ease economic and trade tensions and expand cooperation, the Chinese side has decided to adjust related measures accordingly," an anonymous commission official said citing a statement on the Ministry of Finance's website.
Source: DATA
