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China cuts import tariffs, trade talks continue

China’s Ministry of Finance says it will remove import tariffs on more than 700 goods beginning January 1st.

China will remove tariffs on some ingredients for livestock feed including sunflower and canola meals. It will also cut export tariffs on nearly 100 goods including fertilizer.

This is the third round of tariff cuts announced by Chinese President Xi this year.

Bloomberg reports that U.S. exports will benefit from the cuts even though they are still subject to retaliatory tariffs as trade talks continue.

The U.S. and China have had several rounds of talks in recent weeks and plan to meet in person in January to discuss a broader trade truce.