China has begun making policy changes and will soon be accepting applications for tariff exemptions as part of its agreements under the phase one trade pact with the U.S., the Trump administration announced Tuesday.
China’s Finance Ministry announced Thursday that on Feb. 14 it will cut tariff rates on $75 billion worth of U.S. products, including some ag commodities such as soybeans, chicken, pork, oranges and asparagus, but the impact is expected to be minimal.
Beef and pork stole much of the spotlight when President Donald Trump and Japanese Prime Minister Shinzo Abe signed off on a trade pact last week, but many of the U.S. winners will be American specialty crop farmers.
China announced Friday it will increase tariffs on $75 billion worth of U.S. agricultural and other goods by 5-10% in retaliation for U.S. plans to hit about $300 billion worth of Chinese exports with new import taxes.
The trade war with China has gone on longer than most expected, so it was a jolt to the collective system when President Donald Trump said twice in the past two weeks that it might rage on for another year or longer.