China Dismisses Trump Agri Purchase Claim, Says Honouring Pledges; NDRC Says Claims China Not Buying US Agri Products ‘Groundless’

Business News/Analysis, China, Federal Agency/Executive Branch, Marketing/Markets and Sales, Opinions, Policy, White House

August 7, 2019

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by Hallie Gu and Tom Daly (Reuters/Zawya) Beijing is honouring its pledges to buy U.S. agricultural products, state media cited China’s state planning body saying, dismissing an accusation from U.S. President Donald Trump that it had not met purchasing promises in the sector.

Trump had said on Thursday that Beijing had not fulfilled a promise to buy large volumes of U.S. farm products and vowed to impose new tariffs on around $300 billion of Chinese goods, abruptly ending a truce in the Sino-U.S. trade war.

The U.S. accusations that China did not buy U.S. agricultural products were “groundless,” state broadcaster CCTV on Monday reported an official from China’s National Development and Reform Commission (NDRC) as saying.

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Beijing offered tariff breaks on U.S. agricultural products to some importers in another goodwill gesture to the United States during the short-lived trade truce.

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China has not bought ethanol, corn, soybean oil, wine or beer from the United States, as prices of these products are not competitive, said Cong Liang, secretary general of China’s NDRC, CCTV reported.

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However the figures cited do not show China’s plans for future purchases, particularly in light of Trump’s latest threats. Citing unnamed sources, Bloomberg reported earlier on Monday that China has asked state firms to halt U.S. agriculture imports.

China’s soymeal futures DSMcv1 rose as much 3% to a one-month high on Monday on renewed Sino-U.S. trade tensions. READ MORE

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