China to suspend tariff hikes against U.S. pork and soybeans
China is expected to suspend tariff hikes against American pork, soybeans and other agricultural goods ahead of trade talks between the 2 countries, per Chinese state-run media.
Why it matters: This follows President Trump's announcement earlier this week that the U.S. would delay the increase on existing tariffs on $250 billion worth of Chinese goods in an attempt to calm trade tensions. The moves may mean both sides could soon be ready to talk about "the prolonged dispute that is threatening global economic growth," writes AP.
The big picture: Both Chinese and American farmers have felt the resounding effects of the ongoing trade war.
- American soybean bean farmers were strategically targeted by China, with oversupply and flooding exacerbating the issue. American soybean farmers rely on trade with China — the world's largest soybean importer.
- Chinese pig farmers are also struggling due to an African swine fever epidemic that's caused prices to heavily increase, says AP. The farmers rely on soybeans to feed their livestock.