TRADE DISPUTES
China acts fast on soya bean imports as US trade war quickens
China lowers its commitments to buy US soya beans — oilseed is the top agricultural commodity the US ships to China
Chicago — The trade war may have just started, but China has been making moves in the soya bean world as US shipments originally destined for the nation have been cancelled or rerouted. China lowered commitments to buy 366,000 tonnes of US soya beans in the season that ends on August 31 and cut purchases by 66,000 tonnes in the following year. That is according to US department of agriculture data released on Friday for the week ended June 28. About 60,000 tonnes originally destined for China this season will now go to Bangladesh and another 60,000 tonnes to Pakistan. Soya beans are on the hit list of US goods now being targeted by Chinese tariffs that went into effect on Friday after the US implemented a raft of duties earlier in the day and President Donald Trump threatened more action. The oilseed is the top agricultural commodity that the US ships to China by far and is among the largest products for overall exports. One ship laden with US soya beans steaming towards China — the...
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