China to cut import tariffs on soybean from India and other Asian nations

While a trade war is brewing between China and the US, China's cabinet on Tuesday announced that the nation will cut import tariffs on soybean and some other goods from India and four other Asian nations from July 01.

As per reports, China will reduce tariffs on soybean imported from India, South Korea, Bangladesh, Laos and Sri Lanka from the current three per cent to zero.

Imported products such as chemicals, agricultural products, medical supplies, clothing, steel and aluminium products from the five nations will also enjoy certain tariff reductions.

It may be mentioned here that the US is a major supplier of soybeans to China.

(Inputs from AIR)