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Economy
China To Waive Tariffs On Some U.S. Soybeans And Pork In Trade War Thaw
2019-12-06
[Forbes] Topline: China is to waive tariffs on some U.S. soybeans and pork imports as the world’s two biggest economies worked on an interim deal to end the 17-month-long trade war.

  • China placed tariffs of 25% on the agricultural products in July 2018, in response to the White House’s move to impose tariffs on Chinese goods over the alleged theft of American intellectual property.

  • Beijing had promised in September to lift the tariffs that lifted taxes on soybeans imports to 33% from 3% but the new tax exemption only applies to some firms and some imports.

  • China’s finance ministry has not shared any further detail on the waiver of the agricultural tariffs.

  • Washington and Beijing are currently ironing out an interim "phase one" deal to wind down the trade battle that has rattled markets, and cost Chinese exporters and American farmers billions.

  • The waiver was announced just days before a new set of U.S. tariffs on $160 billion of Chinese goods kicks in on December 15.

    Key background: China’s tariffs on soybeans, the U.S.' most valuable farming export, have resulted in U.S. sales to China falling 90% since 2017. As a result, the Trump administration has forked out some $28 billion in aid to American farmers hit by the sales drop. It has also pressed China to raise its imports of soybeans from U.S. as a goodwill gesture in anticipation of a trade deal.

    China has moved to increase imports of soybeans from Argentina and Brazil to lessen its reliance on the U.S. but a an outbreak of African swine fever may have forced Beijing’s hand on pork imports. Hundreds of millions of pigs have been culled, or died, from the disease in China sending domestic pork prices through the roof.

    Additional fact: China is the world's largest importer of soybeans, bringing in tens of million on tonnes each year.
    • Posted by:Besoeker

    #27  You can sell anything,as long as it's USDA inspected. Elk,rabbit,venison..etc. Start farm raising some feral hogs.
    Posted by: bbrewer126   2019-12-06 20:05  

    #26  More playground insults

    "Your dad wants to return to the gold standard!"
    "Oh yeah? Well, your mom looks like Miltion Friedman!"
    Ah, those golden school days...
    Posted by: SteveS   2019-12-06 19:33  

    #25  tough regs on things they want to restrict, idiot. They need the food, NOW. They'll take whatever they have to to keep teh masses fed and non-revolting. FOAD trollboy
    Posted by: Frank G   2019-12-06 18:30  

    #24  China has tough regulations on all imports. What, you think they're stupid? They want to spend money on imports when they could keep the cash circulating inside their own economy?

    More playground insults. Keep 'em coming, children.
    Posted by: Herb McCoy   2019-12-06 18:28  

    #23  Can't sell wild game at retail. Agricultural products only.
    Posted by Herb McCoy

    Because starving Chinese demands standards in Herb's world
    Posted by: Frank G   2019-12-06 18:25  

    #22  Was in a big box wasting time while others shopped, ended up in fish and seafood.

    "Catfish fillets, ok that sounds kinda good."

    -Product of China-

    "Oh Bull Shit."
    Posted by: swksvolFF   2019-12-06 17:00  

    #21  Herb, I doubt the Chinese food regs are as tough as the US
    Posted by: chris   2019-12-06 16:30  

    #20  buywildgamemeats.com

    Texas has a program which takes captured wild and processes them for food banks, under the inspection of the USDA to prevent the processing of diseased hogs.

    You can find stuff like deer sausage at local or craft butchers, likely farm raised. However, especially where hunting is popular, some butchers will process the day's hunt and may offer truly wild game and meat items.

    Perishable shipping has come a long ways. They may only ship Monday, and you may have to purchase the 2-day shipping rate, but I have never had a problem. Middle of Summer, purchase meat from Louisiana, shows up not just totally frozen, but like it could have been fine three days later. After a few orders you have a nice collection of freeze bags to use in your own cooler and do away with sloshing ice. Also these operations tend to be Mom & Pop businesses who employ a number of locals.
    Posted by: swksvolFF   2019-12-06 16:02  

    #19  It's feral, not wild, TW.

    You are talking dictionary definitions, g(r)omgoru, not marketing. But I can work with free range instead. Have President Trump sign a regulation permitting the sale of safely harvested and inspected free range boar meat exclusively for the foreign market for the duration of this emergency. As long as the emergency is not specifically defined as Chinas’s (what — you don’t think the destruction caused by free range boars is an emergency wherever they spread?), everyone will be happy until Congress gets around to passing an actual law making it permanent.
    Posted by: trailing wife   2019-12-06 15:40  

    #18  Found that one out when I tried to buy deer sausage and the butchers looked at me like I had grown a third eye.
    Posted by: Herb McCoy   2019-12-06 15:18  

    #17  Oops, Herb corrected me. No wild boar at retail. :-(
    Thanks, HM.
    Posted by: Lex   2019-12-06 14:48  

    #16  per the definition above, why are they called "feral" instead of wild? were these animals ever domesticated to begin with?

    I'd love me some wild boar if it were widely available, clean, reasonably priced.
    Posted by: Lex   2019-12-06 14:48  

    #15  Can't sell wild game at retail. Agricultural products only.
    Posted by: Herb McCoy   2019-12-06 14:39  

    #14  The question, g(r)om, is whether feral hogs would taste like home-grown Chinese hogs?

    Seems like there might be a win-win solution there, somewhere!
    Posted by: Bobby   2019-12-06 14:35  

    #13  Well, well, well. So they DO need us more than we need them.
    Posted by: Tom   2019-12-06 13:54  

    #12  I love the way you think, Ms. Wife.

    Difference Between Feral and Wild

    Posted by: Skidmark   2019-12-06 10:44  

    #11  It's feral, not wild, TW.
    Posted by: g(r)omgoru   2019-12-06 10:25  

    #10  What d’you suppose someone could charge them for prime wild boar in a variety of sizes from suckling to Old Man? Get it inspected and approved, and make money at both ends by charging the landowners for clearing their property of the pests.
    Posted by: trailing wife   2019-12-06 10:01  

    #9  From Trump-haters, only incoherence and desperation.
    I'm getting the feeling that next November will be a blowout.
    Posted by: Lex   2019-12-06 09:38  

    #8  #5 and #7 tied for SOTD.
    Posted by: Besoeker   2019-12-06 09:35  

    #7  ..the DeBeers of soybeans?

    Agricultural Snark of the Day

    the mainstream media would rather eat glass than report that Trump is succeeding at anything.


    The local hippy weekly was blasting Trump for driving up the price of French wine via tariffs, but last I looked that has not happened yet.
    Posted by: SteveS   2019-12-06 09:32  

    #6  China is hurting bad from the trade war. You don't hear about it, because obviously the mainstream media would rather eat glass than report that Trump is succeeding at anything.

    Pork, the staple of Chinese cuisine, is through the roof right now.

    The US is the Saudi Arabia of food. We have the most intensely fertile ground on the planet and the best transportation system to get the food to market. Hell, we're the Saudi Arabia of oil, too. We're self-sufficient, which means we can tell the whole world to fuck off with their bullshit.
    Posted by: Herb McCoy   2019-12-06 09:28  

    #5  ..the DeBeers of soybeans?
    Posted by: Procopius2k   2019-12-06 09:20  

    #4  "Beijing had promised in September to lift the tariffs that lifted taxes on soybeans imports to 33% from 3% but the new tax exemption only applies to some firms...
    It is worth noting that the US's ADM controls the world market for soybeans.
    Posted by: b   2019-12-06 09:18  

    #3  People gotta eat or they're gonna riot.
    Posted by: ruprecht   2019-12-06 08:39  

    #2  Exactly. Thaw? No. Trouble producing food for its people? Yes.
    Posted by: DarthVader   2019-12-06 08:33  

    #1  China is to waive tariffs: Translation from the Mandarin - Swine Flu and crop failure.
    Posted by: Mercutio   2019-12-06 07:27  

    00:00