US agricultural products

After President Trump threatened to continue to impose tariffs, he was attacked hard by China. The Chinese Ministry of Commerce suddenly announced on the night of August 6 that Chinese companies suspended the purchase of new US agricultural products.

Comprehensive media reported on August 6 that official news from the Ministry of Commerce of the People’s Republic of China indicated that due to the US announced that it intends to impose a 10% tariff on US$300 billion in Chinese exports to the United States, it is a serious violation of the consensus of the heads of state of the two countries in Osaka, the State Council tariff The Commission’s new purchase of US agricultural products after August 3 will not rule out import tariffs, and Chinese related companies have suspended purchasing US agricultural products.

The relevant Chinese authorities indicated that China has a large market capacity and a bright prospect for importing high-quality agricultural products from the United States. However, it is hoped that the US will conscientiously implement the consensus reached at the meeting between the heads of state of China and the United States, and have the confidence to implement the commitments to create the necessary conditions for cooperation in the agricultural fields between the two countries. 

At the same time, the statement that “the US side said that China does not have the actual purchase of US agricultural products”. The relevant person in charge of the National Development and Reform Commission of China refuted on August 5 that after the meeting of the G20 summit between the Chinese and US heads of state, by the end of July, 2.27 million tons of US soybeans were newly shipped to China. It is expected that there will be 2 million tons of soybeans shipped in August. The 14 million tons of soybeans that have been signed by the two companies will have only 300,000 tons left in September.

According to the person in charge, starting from July 19, Chinese related companies continued to make inquiries on the purchase of US soybeans, sorghum, wheat, corn, ethanol and other agricultural products. As of the evening of August 2, it has sold 130,000 tons of soybeans, 120,000 tons of sorghum, 75,000 tons of hay, 60,000 tons of wheat, 40,000 tons of pork and products, 25,000 tons of cotton, 0.57 million tons of dairy products, and 0.45 processed fruits. 10,000 tons, fresh fruit, 0.04 million tons. These traded agricultural products are applied by the Chinese enterprises to the State Council Customs Tariff Commission to exclude import tariffs.

Earlier, Donald Trump threatened to impose tariffs on the $300 billion Chinese exports to the United States on August 2. According to informed sources, Trump believes that Chinese President Xi Jinping’s “steps are not fast enough.” After intense discussions with the consultants, regardless of opposition, they insisted on levying new tariffs on China, insisting that tariffs are the best way to force China to agree to US demands.

The US government hopes that China will be forced to make concessions because it is worried about the impact of tariffs on economic growth. However, analysts are wondering if Trump’s tactics will work.

The British “Financial Times” said that Trump’s latest tariff measures show that the trust between the two big quarrels has collapsed. The trade war is entering an unprecedented unknown waters. Trump’s assumption that China will yield is proven to be wishful thinking. On the contrary, Beijing refused to compromise and ruled out the possibility of immediate concessions.

On August 4th, Peter Navarro, the White House trade and economic affairs adviser, detailed the “seven sins” committed by China on the “Fox News Sunday” program. Emphasize that China must stop these misconducts and the US-China trade war will end.

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