China lifts tariffs on US farm goods after Trump cuts fentanyl-related duties

China has announced the removal of tariffs on several U.S. agricultural products following Washington’s decision to slash fentanyl-related import duties on Chinese exports, Bloomberg reports.

The Chinese Ministry of Finance states that starting November 10, all tariffs imposed on March 4 on American soybeans, corn, wheat, sorghum, and poultry will be lifted.

The White House earlier confirmed the development.

The move comes in response to U.S. President Donald Trump’s executive orders that reduced fentanyl-linked tariffs from 34% to 10%.

Both measures form part of a one-year trade agreement between Trump and Chinese President Xi Jinping, aimed at easing long-standing economic tensions between the two major powers.

The easing of trade frictions has already impacted global markets — Chicago soybean futures rose 1% during Asian trading following the announcement.

By Khagan Isayev