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China’s soybean purchases increase despite new tariff threatChina’s soybean purchases increase despite new tariff threat
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05.06.2020By Susan Reidy
BEIJING, CHINA — China has booked the purchase of 378,000 tonnes of US soybeans even as President Donald Trump threatens news tariffs to punish China for the coronavirus pandemic, Reuters reported.
According to the US Department of Agriculture, private exporters booked 136,000 tonnes for delivery in the 2019-20 marketing year and 242,000 tonnes for 2020-21.
China has increased purchases of US soybeans as it works to fulfill obligations under the phase one trade agreement reached with the United States in January.
Export sales of soybeans to China totaled 618,099 tonnes in the week ended April 23, USDA data showed, the biggest total since December.
The Trump administration is “turbocharging” an initiative to remove global industrial supply chains from China, according to officials familiar with US planning, Reuters said.