The United States and China have agreed to a three-month tariff reduction.
A joint statement from the two countries on May 12 indicates the U.S. will reduce tariffs on China to a minimum of 30 percent. And China agreed to reduce its tariffs on U.S. products to 10 percent and to remove non-trade barriers and restrictions.
Each country was charging the other tariffs of 145 and 125 percent, respectively.
This truce will last for about 90 days while the two sides continue to negotiate.
The soybean industry is pleased with this development.
The tariff reduction is welcomed, but more needs to be down to ensure American soybeans are competitive on the global market, said Caleb Ragland, president of the American Soybean Association.