China to boost soybean purchases

Business | Agencies 23 Jul 2019

The Chinese government is in discussions with state and privately-owned soybean buyers over a plan to raise purchases of US supplies, according to people familiar with the situation.

The government met with the companies on Friday in Beijing to discuss the plan, which could include waiving retaliatory tariffs on US imports, said the people.

The government is seeking feedback from companies and the proposal is subject to change depending on progress in trade talks. Details including potential purchase volumes are yet to be finalized.

Xinhua wrote in a comment that procurement of the US agriculture products is a manifestation of China's commitment to promises, and is a response to the recent positive signals released by the United States, prompting both sides to move in the right direction to solve the trade disputes.

Meanwhile, anti-dumping tariffs of 18.1 percent to 103.1 percent will be applied to stainless steel billets and hot-rolled stainless steel plates from companies in the European Union and the three Asian nations, effective today, China's Ministry of Commerce said yesterday.

In other news, the EU is set to block some countries from accessing parts of the bloc's financial market for the first time, an EU document seen by Reuters showed, a step that will ring alarm bells in Britain in the run-up to Brexit.


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