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Trade War: China Shuns U.S. Soybeans


As U.S. - China trade tension intensifies, China started strong measures to beat it.

The global giant in soybean import has earlier added 25 percent tariff on imports of soybeans from U.S. In the latest turn of events, China plans to put a hold on U.S. supplies, reports Bloomberg.

According to the report U.S. traders has not received any further orders from China since the trade war situation has evolved. This might lead to large accumulation of soybean at farmers site.

Citing people familiar with the matter, Bloomberg News said China has no plans to cancel orders that are already placed.

The trade tensions has been affecting soy market and the U.S. administration announced a trade aid of $16 billion for the impacted sector.

Earlier there were reports that China, a producer of 80 percent of rare earths exported to U.S., has plans to stop rare earths exports. However, Chines officials have not confirmed it yet. U.S. tech companies are highly depending on rare earth minerals from China.

It is expected that China might add more tariff from June 1.

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