Farmers happy with outcome
China and US to suspend tariffs
The mutual import duties between China and the United States (US) have been suspended for the time being. Both countries are in talks with each other and are working on a deal. As long as those talks last, there will be a ceasefire.
US Treasury Secretary Steve Mnuchin announced last weekend that import tariffs on Chinese steel will be temporarily not in effect to be. Chinese Deputy Prime Minister Liu He also announced that a ceasefire has been signed for the time being. The statements are a result of the talks that both countries had last week.
Both countries have the will to lay down their arms permanently. According to Mnuchin, such an agreement is now being negotiated at a detailed level. A US condition is that China reduces its trade surplus with the US. That difference is now $375 billion; the goal is to narrow the gap by $2020 billion by 200.
Pig sector happy with outcome
Al Juhnke, president of the Nebraska Pork Producers Association, said he was pleased with the development. The Chinese import duties (25%) on pork from the US have been a financial downer for producers, processors and exporters, according to Juhnke.
White smoke has not yet been definitively identified. Mnuchin has said that the US will not hesitate to reintroduce the tariffs if the deal with China is not satisfactory.
Wouter Job
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