Beijing could remove extra tariffs imposed since last year on U.S. farm products...
SINGAPORE/BEIJING - Beijing could remove extra tariffs imposed since last year on U.S. farm products to ease the way for importers to buy up to $50 billion worth, rather than direct them to buy specific amounts, the head of a government-backed trade association said.
But the demand has become a major sticking point in the bilateral trade talks, as Beijing wants to buy based on market conditions instead of committing to a large figure and a specific time frame. CFNA, under the supervision of China’s Ministry of Commerce, is an influential trade association with members including top crusher Yihai Kerry, state-owned Sinograin, and branches in China of leading international trading houses like Cargill and Louis Dreyfus.
While China can step up purchases based on market conditions, the $40-$50 billion target is “very high”, he added, and can’t be guaranteed. Beijing has already stepped up buying of American soybeans and offered waivers to more importers to buy U.S. oilseed exempt of the extra tariffs, Cao added.
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