US says China to scrap some export subsidies

China has agreed to scrap some export subsidies on a range of products from metals to agriculture and textiles, the United States said on Thursday, in a step by Beijing to reduce trade frictions with Washington.

China ended a program which provided export subsidies of some $1 billion over three years to Chinese companies in seven economic sectors, the U.S. TradeĀ Representative's office said.

Some industry executives were skeptical about the deal's impact given remaining disputes over other supports that China give to its exporting industries. Steel has been a particular flashpoint.

One source knowledgeable about the agreement said it was not comprehensive enough to do much to help the U.S. steel industry, given its focus was only on specialty steel products.

Read more at Reuters