China announced to drop tariffs on some animal feed ingredients from five Asian neighbor countries. The products include soybeans, soybean cake and fishmeal. There are currently 3%, 5% and 2% tariffs on these products currently. And, tariffs on these products originating from Bangladesh, India, Laos, South Korea and Sri Lanka will be dropped effective July 1.
The move is seen as a preparation for US initiated trade war. China announced to retaliate to US section 301 tariffs. Soybean is on the list of US goods to be imposed 25 tariffs, effective July 6.
