Markets

China adds US agricultural products to tariff exemptions ahead of trade talks

Key Points
  • The Chinese Ministry of Commerce said it will exempt U.S. agricultural products such as soybeans and pork from additional tariffs.
  • These farm goods add to the 16 types of U.S. products that will be exempt from tariffs.
  • The exemption will be valid for a year through to Sept. 16, 2020.
  • China said it welcomed President Donald Trump's decision to delay tariffs by two weeks.
Chinese President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting during the G20 Summit on June 29, 2019 in Osaka, Japan.
China News Service | Getty Images

China plans to exclude American farm goods, including soybeans, from tariffs in the latest move to ease trade tensions before the two countries restart trade talks next month.

The Chinese Ministry of Commerce said Friday that China welcomed President Donald Trump's decision to delay tariffs by two weeks and said it will exempt U.S. agricultural products such as soybeans and pork from additional tariffs.

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China suspends tariffs on some US products

These farm goods add to the 16 types of U.S. products that will be exempt from tariffs.The exemption will be valid for a year through to Sept. 16, 2020.

The move came after Trump said Thursday that he would consider an interim trade deal with China, even though he would not prefer it.

China's agriculture buying has been a sticking point in the trade battle as Trump has repeatedly accused China of not following through on its promises. China said Thursday that domestic firms have started making inquires about prices of U.S. soybeans and pork. Chinese importers reportedly bought a total of 600,000 metric tons of soybeans from U.S. Pacific Northwest export terminals for October to December.

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CNBC Global CFO Council

US-China trade deal coming soon? Big companies are not buying it

Key Points
  • Some 65% of U.S. CFOs think U.S. trade policy will be negative for their businesses over the next six months, according to the latest quarterly CNBC Global CFO Council survey released Friday.
  • Zero respondents said trade policy would be positive for their business.
  • The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing more than $5 trillion in market value across a wide variety of sectors.