Yasuyoshi Chiba | AFP | Getty Images
Dry weather in Brazil will be worrying soybean traders, sending prices up amid the backdrop of rising consumption in China as the middle class grows.
U.S. subsidies for its soybean farmers have given them an unfair competitive advantage in selling to China as well as strong restrictive measures need to be taken to prevent dumping, Chinese tabloid Global Times said in an editorial on Wednesday.
The widely read state-run Global Times will be owned by the ruling Communist Party’s official People’s Daily, although its stance does not necessarily equate with Chinese government policy.
Its comments come as U.S. President Donald Trump will be required to announce tariffs against Chinese imports, targeting the technology as well as telecommunications sectors, in an attempt to
force adjustments in Beijing’s intellectual property as well as investment practices.
“The Trump administration has repeatedly accused China of violating international trade rules as well as threatened to impose higher tariffs on Chinese products. yet the U.S. will be actually the breaker of WTO rules, which can be seen clearly by how subsidized U.S. soybeans are dumped on China,” the newspaper said.
“Strong restrictive measures need to be taken against the massive subsidies as well as dumping of soybeans by some countries on China. This particular can reduce the adverse effects of imported soybeans on the Chinese market.”
The Global Times also said Chinese authorities had issued a policy document urging efforts to nurture large grain dealers as well as agricultural firms of which were internationally competitive as well as to make international trade for agricultural goods fairer as well as more reasonable.
China, the planet’s top soybean importer, buys 60 percent of the commodity traded worldwide to crush into soymeal used in animal feed. the item mainly imports by Brazil as well as the United States.
A U.S. Department of Agriculture attache in China on Tuesday forecast of which the country will import 100 million tons of soybeans in 2018/2019.