China, which uses one-third of the world’s soybeans, imported 89% of its soybeans from the U.S. and Brazil last year, according to the American Farm Bureau Federation.
Since China has slapped a 25% tariff on U.S. soybeans in retaliation for tariffs levied by President Trump on China goods, that percentage will likely shift to Brazil, reports Yahoo Finance.
China has already become less reliant on the U.S. for soybeans. Last year, Brazil was China’s largest soybean exporter with 54 million metric tons, followed by the U.S. at 32 million metric tons.
Brazil President Michel Temer told Yahoo Finance at an event Monday that was a part of the United Nations General Assembly that he has already been in talks with China President Xi Jinping about closer cooperation.
