China’s US soybean imports plunge to zero amid trade war
China for the first time since a trade war erupted with the U.S. reportedly imported no American soybeans in the month of November.
China instead bought more than 5 million tons of soybeans from Brazil last month alone, almost double the 2.76 million tons it purchased from the country a year ago, according to Reuters, which cited data from the General Administration of Customs.
Beijing imported only 67,000 tons of soybeans from the U.S. is October, down from the 4.7 million tons it imported in November 2017, the news service noted.
China, the world’s largest soybean buyer, has been a longtime importer of soybeans from the U.S., the world’s largest producer. The U.S. has consistently been China’s second-largest supplier of soybeans, with soybean trade between the two countries worth $ 12 billion last year.
However, a trade war with dueling tariffs has significantly diminished the soybean market between the two countries, forcing China to turn to Brazil.
China placed a 25 percent tariff on U.S. imports in July in response tariffs imposed by President TrumpDonald John TrumpBipartisan lawmakers urge Air Force secretary for top Defense position Austin couple places baby Jesus in ‘ICE cage’ to protest Trump immigration policies Female White House correspondent: ‘I’ve never seen as many moms’ in briefing room as during Trump presidency MORE.
Trump agreed with China earlier this month to halt any new tariffs by making a truce, but the tariff on U.S. imports is still in place.
The 90-day truce between the world’s two largest economies was struck at the G-20 summit in Argentina, but Trump has threatened more tariffs if a longterm deal is not met.
firstname.lastname@example.org (Owen Daugherty)
More at https://thehill.com/policy/international/422704-chinas-us-soybean-imports-drop-to-zero-for-first-time-since-trade-war