Chinese agricultural importers have purchased approximately 300,000 tonnes of U.S. soybeans after being granted tariffs.
Reuters reports that importers purchased five bulk shipments of soybeans that will ship in January and February. According to the report, the Chinese government provided roughly 1 million tonnes in tariff waivers.
Beijing previously issued 10 million tonnes in waivers in October. The new waivers will exempt importers from 30 percent on the tariff costs for the U.S. soybeans.
CNBC reported on Friday, Dec. 6 that the Chinese finance ministry planned to waive tariffs for some soybean and pork shipments. Currently, there are 25 percent tariffs on both U.S. soybeans and pork, which date back to July 2018.