China Dropping Tariffs on U.S. Cars and Corn

A Bloomberg report says China is taking even more steps to lessen its trade tensions with the U.S. China confirms it will remove retaliatory duties on American automobile imports and it’s preparing to restart purchasing American corn.

The Chinese Finance Ministry says the 25 percent tariff on automobiles will disappear on January first. Sources close to the discussions told Bloomberg that China is preparing to purchase at least three million metric tons of corn. The White House will delay tariff increases on Chinese goods that were set for January first. Bloomberg sources say the corn purchases likely will start as early as next month.

The Chinese government is also considering how to handle the 25 percent tariffs on American corn imports that were implemented in July. The moves by China come only two weeks after its president, Xi Jinping, met with U.S. President Trump.

Source;  NAFB News