(NewsReady.com) – The US-China trade war seemed to de-escalate slightly towards the end of 2019. Even still, the Communist country has been primarily looking out for its own interests, making it an even less reliable trade partner than it’s proven to be during the global pandemic. According to new reports, China has stopped purchasing our agricultural and meat products.
This was done in response to President Donald Trump’s condemnation of China’s treatment towards Hong Kong. At face value this is true, but this cessation of importing US goods seems to have been a work in progress. At least in the case of soybeans, China has been importing more of this crop from other countries.
“Anonymous sources within the Chinese grain trade admit something that was already suspected. That China is avoiding the purchase of U.S. agricultural commodities.” — Paragon Global Markets
……well, they’ve been buying a lot of soybeans from Brazil — see chart. pic.twitter.com/KfhZJBfX4f
— Wandile Sihlobo (@WandileSihlobo) June 1, 2020
A trade deal was signed in mid-January to tone down tariffs and for the Chinese government to buy $32 billion in American agricultural products. This recent decision could violate that agreement. More should be coming out regarding this situation soon as tensions rise between Hong Kong, China, and the US.
~Daily News for Busy People!
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