America's farmers are extremely vulnerable right now, which is probably why Beijing has opted for this latest precision strike in the trade conflict: Bloomberg reports that China's largest state-run grain buyers have been instructed to halt the 'goodwill' purchases of American soybeans as Beijing ratchets up the pressure on the White House, which could soon approve new tariffs on $300 billion of Chinese imports.
Thanks to February's pledge to buy another 10 million tons of American soybeans, sales to Chinese grain buyers by American soybean farmers started to recover during the opening months of 2019.
Since President Trump and Xi called the trade-war truce back in December, China has bought some 13 million tons of soybeans from American farmers.
Data from the Department of Agriculture show that China's grain buyers have yet to take delivery on about 7 million tons of US soybeans that it has committed to buying.
The timing of Beijing's latest blow is notable: Friday marked the conclusion of a two-week tariff 'grace period', which suggests that more retaliation from Beijing could be in the offing.
Ministry of Commerce Spokesman Gao Feng said Thursday during a regular press briefing that China can't accept its rare earth metals being used against itself, though it remains willing to meet other countries' demands for the metals.
Gao added that China will fight "Until the end" if the US continues to escalate the trade fight, adding that China won't tolerate US bullying.
https://www.zerohedge.com/news/2019-05-30/latest-trade-war-salvo-china-halts-goodwill-soybean-purchases
Thanks to February's pledge to buy another 10 million tons of American soybeans, sales to Chinese grain buyers by American soybean farmers started to recover during the opening months of 2019.
Since President Trump and Xi called the trade-war truce back in December, China has bought some 13 million tons of soybeans from American farmers.
Data from the Department of Agriculture show that China's grain buyers have yet to take delivery on about 7 million tons of US soybeans that it has committed to buying.
The timing of Beijing's latest blow is notable: Friday marked the conclusion of a two-week tariff 'grace period', which suggests that more retaliation from Beijing could be in the offing.
Ministry of Commerce Spokesman Gao Feng said Thursday during a regular press briefing that China can't accept its rare earth metals being used against itself, though it remains willing to meet other countries' demands for the metals.
Gao added that China will fight "Until the end" if the US continues to escalate the trade fight, adding that China won't tolerate US bullying.
https://www.zerohedge.com/news/2019-05-30/latest-trade-war-salvo-china-halts-goodwill-soybean-purchases
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