China has decided to waive its punitive tariffs on pork and soybeans which were being imported from the United States as a move that is being seen as a forward step in the long impending trade negotiations.
This had been announced by the ministry of finance in China on Friday.
China had made a promise in the month of September of lifting these tariffs as it added to the hopes of a settlement being reached. The government had then made an announcement that the importers in China had been placing the orders but there were no details given on the exemption on the tariffs was going to take effect.
The Ministry of Finance has said that China has been carrying the exclusion out. There was no further information which was given by them.
In October, President Trump had said that the negotiators have been working on detailing the agreement known as Phase 1.
Tariffs have been raised by both sides and there have been billions of goods on either side that have been affected which has consequently disrupted trade globally and has also threatened to slow the economic growth down.
There is one more tariff hike which is due to happen on the 15th of December and is going to affect Chinese imports of up to $160 Billion which are now going to be subject to tariffs in the United States.
Chinese spokespersons have said that there is a hope of a settlement with the United States very soon; however, the hopes where spooked when the President said that he was also willing to wait until the presidential elections which are due to take place in 2020 in the United States.