China to Waive Trade War Tariffs for Some U.S. Soy, Pork Purchases

• China is in the process of waiving retaliatory tariffs on imports of U.S. pork and soy by domestic companies, a procedural step that may also signal a broader trade agreement with the U.S. is drawing closer.
• China’s finance ministry said it has started to process the applications after the firms purchased a certain amount of U.S. goods based on its needs. The ministry is working to waive the tariffs resulting from the trade war on those goods, it said in a statement on Friday.
• American and Chinese negotiators have signaled that they may be drawing closer to agreeing on phase one of a broader accord that would resolve the trade dispute. However, President Donald Trump has said that he wouldn’t mind if it takes until after the 2020 U.S. election and that a threatened Dec. 15 tariff increase will proceed if the talks fail to yield a deal he likes

(Source Bloomberg)