China said it would waive import tariffs on some shipments of U.S. soybeans and pork in a goodwill gesture hours before White House economic adviser Larry Kudlow said the two nations were close to an interim agreement on the trade war. “No arbitrary deadlines,” said Kudlow, but the Trump administration has set Dec. 15 as the date for higher duties on $160 billion of consumer goods made in China.
In a separate development, the United States and Mexico agreed on refinements to the “new NAFTA,” said Politico, based on three unnamed sources: “The two sides are still working out the final details and working to get House Democrats, including Speaker Nancy Pelosi, on board, the people said.” House Democrats say the United States-Mexico-Canada Agreement must be strengthened in areas that include labor, environment, pharmaceuticals and enforcement before a vote will be held on approval of the pact.
Kudlow told reporters at the White House that China and the United States were in “talks around the clock right now. We are close, we’re not quite there yet.” Asked about the Dec. 15 date to apply tariffs, he said, “I don’t want to make any predictions. There’s nothing arbitrary about it. But that is out there and it could happen if the deal is not completed by December 15.”
Earlier on Friday, China’s Ministry of Finance said it was waiving duties on some U.S. pork and soy in response to requests from importers, reported Reuters. The ministry did not specify the volumes involved. The two nations have worked for weeks on a “phase one” agreement to cool the trade war. They are at odds over U.S. expectations that China will purchase large amounts of farm exports and China’s calls for the White House to remove tariffs on its products.