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China grants tariff-free waivers for US soybean imports

China has granted waivers to a number of domestic companies to exempt them from tariffs on U.S. soybean imports, ahead of trade talks between the U.S. and China, Bloomberg News reported, citing people close to the matter.

The waivers are for between 2 million to 3 million tons, prompting firms like Cofco and Sinograin to buy about 1.2 million tons of soybeans from the U.S. Pacific Northwest on Sept. 23, Bloomberg reported.

The tariff exemptions come ahead of another round of high-level talks between the U.S. and China expected to begin in early October to resolve ongoing trade tensions.

China said Sept. 13 that it will exempt U.S.-produced soybeans, pork and other agricultural products from additional import tariffs. The U.S. followed on Sept. 21 by temporarily excluding 437 product types from the additional tariffs it imposed on an estimated $250 billion worth of Chinese goods in 2018.

China reportedly canceled a scheduled Sept. 20 visit to farms in Montana and Nebraska. However, China's vice agriculture minister, Han Jun, said the change in schedule was insignificant and that China wishes to improve agricultural trade with the U.S., Bloomberg News reported, citing a China Business News report.