CHINA plans to scrap retaliatory tariffs on imports of US pork and soy by domestic companies, a step that may signal a broader trade agreement with the US is drawing closer, reported Bloomberg. China's finance ministry said it has started to process the applications after the firms purchased a certain amount of US goods based on its needs. The ministry is working to waive the tariffs resulting from the trade war on those goods, it said in a statement. American and Chinese negotiators have signalled that they may be drawing closer to agreeing on phase one of a broader accord that would resolve the trade dispute. However, President Donald Trump has said that he wouldn't mind if it takes until after the 2020 US election, and that a threatened December 15 tariff hike will proceed if the talks fail to yield a deal he likes. China began issuing waivers on American soybeans, cotton, corn, sorghum and pork as the Asian nation sought to press forward on a trade deal. Still, unless new quotas for waivers are issued, US exporters may not see a huge inflow into China. Buyers have used up all of its waivers to purchase American soybeans, people familiar with the matter told Bloomberg.