Trade and markets
 

Detail

Area
China (Mainland)
Commodity Group
Oilseeds, oils and meals
Commodity
Soybeans
Date
01/05/2018
Policy Category
Trade
Policy Instrument
Import policy - trade dispute
Description
Informed about plans to introduce retaliatory tariffs on selected imports from the United States, including soybeans.
Notes
On 4 April 2018, the Chinese Government published a provisional list of tariffs that, if implemented, would apply to selected agriculture and food imports from the United States –including soybeans. The duties would be introduced in retaliation of possible US import tariffs concerning a number of Chinese products. China – the world’s largest soybean buyer – satisfies 90 percent of its soybean requirements through imports, with US beans accounting for more than one-third of its purchases. Considering the importance of soybean trade for both countries, China’s announcement triggered temporary prices responses and shifts in buying patterns at the national and global level. The two countries are engaged in negotiations aimed at settling their trade dispute (which originated from a field unrelated to agricultural markets), in a bid to avert recourse to retaliatory tariff measures.