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BEIJING (Reuters) -China will restore soybean import licences for 3 U.S. corporations and carry its suspension on U.S. log imports beginning November 10, its customs authority mentioned on Friday in one other signal of easing commerce tensions between the 2 nations.
The licence suspensions for farmer-owned cooperative CHS, international grains exporter Louis Dreyfus Firm Grains Merchandising and export grain terminal operator EGT have been imposed in March amid escalating commerce frictions.
The halt on U.S. log imports was a retaliatory measure after U.S. President Donald Trump’s March 1 order to research lumber imports.
Investor sentiment improved after Trump met Chinese language chief Xi Jinping in South Korea, decreasing fears that the world’s two largest economies may abandon efforts to resolve their commerce disputes.
Following the assembly, Beijing lifted tariffs on some U.S. farm items it imposed in March and initiated modest purchases of American farm merchandise, together with two cargoes of U.S. wheat.
State grain dealer COFCO additionally booked three U.S. soybean cargoes earlier than the leaders met.
Nevertheless, merchants stay cautious, as a 10% tariff on all U.S. imports – together with agricultural merchandise – stays in impact, limiting expectations for a broader restoration in commerce flows.
(Reporting by Ella Cao, Yukun Zhang and Ryan Woo Modifying by Tomasz Janowski and Sharon Singleton)
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