China suspends tariffs on U.S. agricultural products, but maintains tax on soybeans

China announced the suspension of retaliatory tariffs on a series of U.S. agricultural products, but decided to maintain the 13% tax on the import of American soybeans. The measure was released by the Tariff Commission of the State Council and takes effect on November 10. The suspension eliminates tariffs of up to 15% applied to some agricultural goods, however, Beijing continues to preserve the 10% tax on all imports from the U.S., adopted in response to tariffs imposed by the Trump administration during the trade war. The announcement was interpreted as a sign of progress in negotiations between the two largest economies in the world, following the recent meeting between Presidents Xi Jinping and Donald Trump in South Korea. Analysts in Beijing assess that the move indicates diplomatic coordination and an attempt to stabilize the trade relationship. Even with the diplomatic gesture, U.S. soybeans remain more expensive for Chinese buyers. The maintenance of the 13% tariff leaves ...