August 7, 2019 / 1:30 AM / 4 months ago

China to remove soybean oil, rapeseed oil, palm oil import quotas

FILE PHOTO: Imported soybeans are transported from a cargo ship at a port in Nantong, Jiangsu province, China August 21, 2018. REUTERS/Stringer

SHANGHAI (Reuters) - China plans to remove soybean oil, rapeseed oil and palm oil from its import tariff quota management, its commerce ministry said on Wednesday.

The news comes after the ministry said on Tuesday Chinese companies had stopped buying U.S. agriculture products in response to U.S. President Donald Trump’s decision last week to impose tariffs on another $300 billion of Chinese imports, sharply escalating a tit-for-tat trade dispute between the world’s largest economies.

The commodities were removed from a draft tariff quota management list posted on the official website of the Ministry of Commerce, which means they will not be subject to restrictions which may be exacted on other products such as wheat, corn and rice.

The draft is open to public feedback until Aug. 22.

Reporting by Wang Jing and Engen Tham in Shanghai and Tom Daly in Beijing; Editing by Jacqueline Wong

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