China noted that US soybean purchases depend on the abolition of duties

The United States should lift what China calls unreasonable tariffs and create conditions for expanded bilateral trade, a Chinese Commerce Ministry official said Thursday when asked by Reuters whether China would buy American soybeans.

American farmers are missing out on billions of dollars in revenue due to unresolved trade tensions, which have halted exports to China, a key market for many agricultural commodities.

Top-ranking Chinese trade negotiator Li Chenggang met on Monday with political and business leaders in the US Midwest, where most American soybeans are grown, suggesting that the world’s second-largest economy may purchase some American soybeans ahead of broader trade talks.

However, disagreements are complicating the deal, and analysts are calculating how long each economy can survive without mutual trade concessions.

Chinese and US trade officials are scheduled to meet Thursday at the US Treasury to continue discussing next steps toward a settlement.

Meanwhile, China continues to purchase Argentine soybeans and Australian canola in large quantities, even at a premium to American contracts.

Tags: duties, China, soybean, USA