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China says will ditch import tariffs on soybeans from India, South Korea, others

China said on Tuesday it will remove import tariffs on soybeans from Bangladesh, India, Laos, South Korea and Sri Lanka, after Beijing hit imports of the oilseed from the United States with a hefty penalty as part of an escalating trade dispute.

The Ministry of Finance said the cut will be effective from July 1. Tariffs are currently 3 percent.

The move comes after China said on June 16 it would impose additional 25 percent tariffs on 659 U.S. goods worth $50 billion, including soybeans, in retaliation for Washington's decision to levy tariffs on Chinese goods.