GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Amid Trade War With US, China Drops Import Duty on Indian Soybean

During the India-China strategic dialogue held here in April, Vice Chairman of NITIAayog (National Institution for Transforming India) Rajiv Kumar had pitched for export of soybean and sugar to China from India.

PTI

Updated:June 26, 2018, 5:03 PM IST
facebookTwittergoogleskypewhatsapp
Amid Trade War With US, China Drops Import Duty on Indian Soybean
Image for representational purpose only (Photo courtesy: Reuters)
Beijing: China will cut import tariffs on soybean and some other goods from India and four other Asian nations from July 1, China's Cabinet announced on Tuesday, amidst a looming trade war with the US.

China will reduce tariffs on soybean imported from India, South Korea, Bangladesh, Laos, and Sri Lanka from the current three per cent to zero, official media quoted the decision by State Council, China's Cabinet.

Imported products such as chemicals, agricultural products, medical supplies, clothing, steel and aluminium products from these countries will also enjoy certain tariff reductions, the state-run China Daily website reported.

All imported products from the above five countries will adapt a tariff rate of the Second Amendment of The Asia-Pacific Trade Agreement, the State Council said.

The State Council's announcement came amidst tariff spat between world's two largest economies, China and the US, following pressure by US President Donald Trump to cut down USD 375 billion deficit in the bilateral trade.

The US is a major supplier of soybeans to China.

For its part, India has been pressuring China to open up more for Indian products, specially IT and Pharmaceutical, to reduce USD 51 billion in over USD 84 billion trade.

During the India-China strategic dialogue held here in April, Vice Chairman of NITIAayog (National Institution for Transforming India) Rajiv Kumar had pitched for export of soybean and sugar to China from India.

After the Wuhan informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping, both the countries are holding talks to step up Indian exports of agricultural products like rice and sugar as well as pharmaceutical, specially the cancer curing drugs to China. PTI

Also Watch

| Edited by: Padmaja Venkataraman
Read full article
Most Active
Company Price Change %Gain
Ashok Leyland 110.55 -18.00 -14.00
HDFC Bank 2,176.20 -0.55 -0.03
Tata Steel 504.25 -28.10 -5.28
ICICI Bank 262.70 -3.75 -1.41
HDFC 2,009.45 +20.15 +1.01
Company Price Change %Gain
Bharti Airtel 336.80 -5.45 -1.59
Edelweiss 285.55 -4.50 -1.55
Ashok Leyland 110.60 -17.90 -13.93
Tata Steel 504.70 -27.80 -5.22
PI Industries 767.30 -10.50 -1.35
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 1,199.65 +47.05 +4.08
ONGC 160.30 +4.15 +2.66
BPCL 402.35 +9.70 +2.47
HPCL 286.10 +4.80 +1.71
IOC 167.20 +2.75 +1.67
Company Price Change %Gain
ONGC 160.30 +4.20 +2.69
Asian Paints 1,391.40 +13.50 +0.98
HDFC 2,008.25 +18.20 +0.91
Yes Bank 383.80 +3.05 +0.80
Hero Motocorp 3,501.50 +21.95 +0.63
Top Losers
Company Price Change %Gain
Tata Steel 504.25 -28.10 -5.28
Hindalco 212.40 -7.10 -3.23
Vedanta 203.70 -6.40 -3.05
UPL 556.85 -14.15 -2.48
Tata Motors 251.85 -6.10 -2.36
Company Price Change %Gain
Tata Steel 504.70 -27.80 -5.22
Vedanta 203.80 -6.35 -3.02
Axis Bank 524.20 -13.85 -2.57
HUL 1,643.80 -39.95 -2.37
Tata Motors 251.95 -5.65 -2.19