China Falls Short of Soybean Purchase Pledge
Country has purchased about only half of soybeans it said it would
China has purchased about only half the U.S. soybeans it pledged to buy earlier this year, a U.S. Department of Agriculture official said on Thursday, after a small sale was reported amid the two countries’ escalating trade war, reports Reuters.
President Trump has vowed to impose new tariffs on Beijing starting in September, prompting China to say it had halted imports of all U.S. agricultural goods in a trade dispute that threatens growth in the world’s two largest economies.
U.S. officials have said repeatedly they expect China to buy large quantities of soybeans as a gesture of goodwill while the two sides negotiate a trade deal. USDA Undersecretary for Trade Ted McKinney told Reuters that Beijing was a long way from doing that.