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)
Loading...
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

| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 346.50 7.98
Yes Bank 191.00 -7.21
Reliance 1,127.40 2.79
ICICI Bank 367.55 -0.66
Indiabulls Hsg 766.20 -4.80
Company Price Change %Gain
Jet Airways 346.85 8.07
Mindtree 838.20 -0.05
Yes Bank 191.30 -7.14
HDFC 1,887.55 1.91
Info Edge 1,370.00 -0.48
Top Gainers
Company Price Change %Gain
Bharti Airtel 332.75 9.31
HCL Tech 1,022.20 3.38
Eicher Motors 24,735.00 3.30
Grasim 831.90 2.87
Reliance 1,127.40 2.79
Company Price Change %Gain
Bharti Airtel 333.60 9.81
Reliance 1,127.50 2.79
HDFC 1,887.55 1.91
SBI 290.30 1.75
Hero Motocorp 2,954.55 1.28
Top Losers
Company Price Change %Gain
Yes Bank 191.00 -7.21
Indiabulls Hsg 766.20 -4.80
JSW Steel 335.10 -2.76
Tata Steel 574.10 -2.59
IOC 143.35 -2.25
Company Price Change %Gain
Yes Bank 191.30 -7.14
Tata Steel 574.10 -2.47
Maruti Suzuki 7,332.05 -2.02
ONGC 156.55 -1.48
Axis Bank 618.30 -1.17

Live TV

Loading...
Loading...