China will remove import tariffs on animal feed ingredients from five Asian countries, the Ministry of Finance said on Tuesday, a sign Beijing is seeking alternative supplies of the commodities as a trade dispute escalates with the United States.
Reuters reports China will drop tariffs on soybeans, soymeal, soybean cake, rapeseed and fishmeal originating from Bangladesh, India, Laos, South Korea and Sri Lanka from July 1, the ministry said.
Even though the government had planned the tariff cuts since March, the cuts indicate that China is taking steps to reduce its dependence on U.S. soybeans amid the mounting trade dispute between the two countries.
