China eliminates import tariffs on soya from India, 4 other nations

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Beijing, June 26 (IANS) China eliminated tariffs on the import of soya from India and four other countries, the Finance Ministry announced on Tuesday, amid heightened trade tensions with the US.

The ministry published on its website an extensive list of new tariffs that will come into effect from July 1 on imports from India, Bangladesh, Laos, South Korea and Sri Lanka.

The authorities reduced duties on products such as fish and flowers and have eliminated those for soya, which earlier was subject to a three per cent tariff, Efe news reported.

The measures came after Beijing imposed, in response to the “protectionist policies” of the US under President Donald Trump, additional 25 per cent tariffs on $50 billion worth of US products, among them soya.

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Soya is important in preparing compound feed, so increasing tariffs on supplies from the US would increase costs on farms and would raise the final price of food products such as meat and milk.

Tensions between the US and China — the world’s two largest economies — have intensified due to tariffs imposed by Washington on Chinese goods and the failure in negotiations between the two countries to avoid a trade war.

While China has expressed unwillingness to start a trade war with the US, it has said it would take appropriate measures to protect its interests and defend free trade.

–IANS

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