China is obliged to buy an additional $12.5bn worth of US agricultural goods in 2020, but the country says market principles will still apply
Chinese vice-premier Liu He signs the US-China phase one trade agreement with US President Donald Trump in Washington,on January 15 2020. Picture: BLOOMBERG/ZACH GIBSON
Chinese companies will import US agricultural goods according to consumers’ need, and demand and supply in the market, Liu told the reporters, according to state-owned CCTV. To reach the purchase target, China will need to increase its buying by intervening in the agricultural products market without upsetting its current trade partners, said a China-based grains trader with an international trading firm, who is not allowed to speak to the media.
Competition between US and Brazilian soybean supplies will be a focus as there are concerns that China could cancel some Brazilian imports to bolster its US purchases. China buys about 80% of Brazil’s soybean exports.
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