00:00Our top story for tonight, China has confirmed it will suspend retaliatory tariffs on U.S. imports
00:06following last week's meeting between President Xi Jinping and President Donald Trump.
00:11The move includes lifting levies of up to 15 percent on farm goods,
00:16although imports of U.S. soybeans will still face a 13 percent tariff.
00:24The State Council's Tariff Commission said it would also maintain 10 percent tariffs imposed
00:29in response to Trump's Liberation Day duties.
00:33China has largely avoided buying U.S. crops from its autumn harvest because of high tariffs,
00:38costing American farmers billions of dollars in losses.
00:42Following Trump and Xi's meeting, the White House said China agreed to purchase
00:45at least 12 million metric tons of U.S. soybeans in the final two months of the year.
00:50It would also continue buying at least 25 million tons annually over the next three years.
00:55Beijing has yet to confirm those figures as Chinese importers continue to favor
01:00Brazilian soybeans, seen as a cheaper and more reliable source.
Comments