China won’t hike grain import quotas for U.S. trade deal: report GlobeBusiness
. U.S. President Donald Trump said last month the agreement would likely double China’s $24 billion in pre-trade war purchases to $40-$50 billion annually.Han’s comments underline China’s desire to protect its farmers even as it is under pressure to dramatically boost purchases of U.S. agricultural goods.
Purchasing exclusively from the United States, instead of export rivals such as Brazil and lower-cost suppliers like Ukraine, would distort global grain markets and raise costs for Chinese grain importers, he said. Feed grain demand has also dropped as African swine fever has killed about half of China’s hog herd, he said.“This is soothing market nerves here,” said Meng Jinhui, a corn analyst with Shengda Futures.
Han was quoted by Caixin as saying the quota is offered to global markets and “we won’t adjust it for one country.”In 2017, before the trade war started, purchases of the three grains from the United States amounted to around $534 million, leaving room for a significant rise in imports within the existing quotas.
“China will be facing a tough balancing act of trying to satisfy the U.S. demands for large agriculture purchases, while also not hurting the rural population.”
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