An official communiqu\u00e9 from the Chinese government confirms that starting from 5 November, the country will suspend for one year the additional 24% tariff on US goods introduced in April this year.
However, China is maintaining the 10% general rate on imports of US goods that it introduced earlier.<\/p>\n
The Commission on Tariffs under the State Council of the People's Republic of China also announced that starting from 10 November, tariffs up to 15% on certain agricultural products from the United States will be cancelled.<\/p>\n
While the move is attractive from a trade policy perspective, it does not mean a complete restoration of competitiveness for US soybeans: after the removal of tariffs on some agricultural products, Chinese importers still face a rate of around 13%, including the 3% basic tariff plus other charges.<\/p>\n
Analysts point out that although the decision sends a signal of relief in relations between the two major economies, it does not guarantee a quick return of US exporters to the Chinese market. An economist at an international company said:<\/p>\n
\n\u00abWe do not expect significant demand from China for US soybeans in the near future. Brazil is cheaper, and even non-Chinese buyers are choosing it.\u00bb.<\/p>\n<\/blockquote>\n
\nSignificance and prospects<\/h3>\n
\n
- \n
The move indicates a temporary easing of trade tensions between the US and China following a meeting between the two leaders.<\/p>\n<\/li>\n
- \n
However, the continued 10% rate and the partial retention of barriers mean that China continues to hold leverage in trade.<\/p>\n<\/li>\n
- \n
U.S. exporters, particularly agricultural producers, may receive only limited relief in accessing the Chinese market in the short term.<\/p>\n<\/li>\n
- \n
The partial lifting of tariffs may signal a gradual normalisation of trade, but it is not a guarantee of a return to previous volumes.<\/p>\n<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"
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