China Waives Tariffs On Select Products
China decides to waive tariffs on 16 types of U.S. products. But, most of them aren’t farm goods.
Whey did make the list. China is one of the biggest consumers of U.S. whey used for animal feed. Other tariff-exempted items include some anti-cancer drugs and lubricants and fish meal.
The exemptions begin Monday and last for a year. Although heavily tariffed goods like soybeans and pork weren’t included earlier this week, The South China Morning Post reported China is expected to purchase more farm products in hopes of a better trade agreement.
This as a White House adviser calls for patience in the U.S. China trade talks. Peter Navarro tells CNBC the process needs to take its course if there’s going to be a great result. Meanwhile, Treasury Secretary Steven Mnuchin says he thinks there will be a conceptual trade enforcement agreement with China. Talks resume with deputies later this month ahead of higher-level talks in October.