China exempts US soybeans, pork from tariff hikes

Chinese officials on Friday said that some U.S. farm goods including soybeans and pork will be immune from the latest round of retaliatory tariffs issued by Beijing in response to President TrumpDonald John TrumpMarine unit in Florida reportedly pushing to hold annual ball at Trump property Giuliani clashes with CNN's Cuomo, calls him a 'sellout' and the 'enemy' Giuliani says 'of course' he asked Ukraine to look into Biden seconds after denying it MORE's trade actions, a sign that the two sides could be seeking a compromise.

The Associated Press reported that Xinhua News Agency, China's state-run media, reported unofficial sources making the announcement Friday but gave few other details. Exports of U.S. pork and soybeans are top issues in the ongoing trade dispute between Beijing and the Trump administration, which has lasted for months with no end in sight.

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Exports to China plummeted last year after an initial back-and-forth between the U.S. and China, with both countries levying tariffs and retaliatory actions against the other. Negotiations that began earlier this year have yet to result in a comprehensive trade agreement between the two nations, though Trump has expressed optimism in one being struck.

Economists reportedly told the AP, however, that a deal between China and the U.S. is unlikely to be struck this year due solely to the scope of disagreements between the two countries.

A 10 percent tariff on $300 billion worth of Chinese goods, the president's latest tariff action, went into effect on Sept. 1 after the latest round of Chinese tariff announcements last month.

Trump took aim at China last month in a tweet, urging U.S. businesses to trade elsewhere and calling Chinese President Xi Jinping the "enemy" of the U.S. in a tweet also attacking Federal Reserve Chairman Jerome Powell.

"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" he wrote.