Business & Finance

China to remove import tariffs on palm, soybean oils

China plans to remove palm oil, soybean oil and rapeseed oil from its import tariff quota management, its commerce ministry said on Wednesday.

The commodities were removed from a draft tariff quota management list posted on the official website of the Ministry of Commerce.

This means they will not be subject to restrictions which may be exacted on other products such as wheat, corn and rice.

The draft is open to public feedback until August 22.

The news comes after the ministry said that Chinese companies had stopped buying U.S. agriculture products in response to U.S. President Donald Trump’s decision last week to impose tariffs on another $300 billion of Chinese imports.

The plan, if implemented, will sharply escalate the tit-for-tat trade dispute between the world’s largest economies.

Source: Voice of Nigeria