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China’s Finance Ministry issues second list of tariff waivers for some US goods

China’s Finance Ministry issued a second list of tariff waivers for some of the US goods on Tuesday, per Reuters.

The Ministry said the waiver exemption will last for one year starting May 19.

There are 79 products on the exemption list, including rare earth ore, it noted.

Separately, it was reported that China boosted its soybean import forecast for the current marketing year, citing that it is in lieu of implementing the Phase One trade deal with the US.

Key details

Raises 2019-20 soybean imports by 3.32M to 91M tons.

Raises 2020-21 corn imports by 1M to 5M tons.

Market reaction

AUD/USD rallied as high as 0.6494 on the US-China trade positive headlines but failed to sustain at higher levels amid looming Australian-Sino trade tensions and downbeat aussie and Chinese data.

The spot retraces to 0.6470, down 0.30%, at the press time.

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