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China Hits Back on Tariffs: Stops Buying U.S. Soybeans

It appears that China has skipped past a proposed high tariff on soybeans. According to Bunge, Ltd, the world’s largest oilseed processor, China is no longer buying soybeans from U.S. producers at all and has been meeting Chinese demand with supplies from mostly South America. Expect more news on this front as China is also targeting other agricultural products, including corn, pork and sorghum. Price volatility in farm goods has picked up in recent weeks as the saber-rattling between the U.S. and China intensifies. Donald Trump wanted a trade war, looks like it is starting.

Read more: Bloomberg

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