China is allocating more low-tariff import quotas for corn this year and may expand its use of wheat quotas as it seeks to step up farm purchases from the United States and meet a pledge to comply with global trade rules, according to three sources.
According to Reuters, China has a 95% self-sufficiency target for its rice, corn and wheat consumption, but allows a certain volume of imports through a tariff rate quota (TRQ) system.
The quotas allow importers to buy specified volumes with duties as low as 1%, compared with 65% without the quotas.
