US soy import tariff drops from 30% to 27.5%, informs Chinese Ministry

Posted by Marina
China's tariff-cutting package on US products also includes a reduction from 30% to 27.5% in US soybean import rates, the Chinese Ministry of Finance reported on Thursday (06).

Rate updates take effect on February 14th.

In addition to the oilseed, another 1,716 North American products will also have an additional reduction of 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 decided to adjust the related measures accordingly," said an anonymous commission official citing a statement on the Ministry of Finance website.