China to purchase Russian Wheat & Soy as US trade-talk lacks progress


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China to purchase Russian Wheat & Soy as US trade-talk lacks progress

Despite attempts of Chinese buyers to seal new contracts for US farm goods, a tariff hike from Chinese commerce department on US goods including agriculture products appeared to have darkened outlooks of possible deals amid lack of progress on trade talks, meanwhile China had approved wheat imports from the Russian state of Kurgan and soybean imports from all parts of Russia, Chinese customs department had confirmed on Friday, the 26th of July 2019, bringing Kremlin a step closer to its histrionic target to achieve a rapid growth in grain exports.

Nevertheless, China had already been importing wheats from six other states of Russia, the largest grain exporter of the world, accountable for 21.2 percent of entire global wheat exports. Aside from confirmation of China’s customs office, General Administration of Customs of China had posted a separate statement in its official website saying that it had halted all US imports except soybean, as a year-long Sino-US trade row entering into its second year had been witnessing simmering outlook amid lack of progress on trade talks.

In point of fact, China used to be the largest importer for US soybean, United States’ most expensive farm product, until China had snapped a 25 percent tariff on US imports last year as an act of retaliation to White House’s tariff hikes on wide-ranging Chinese products, from child’s playthings to technologies.

Meanwhile, commerce department of Russia, which had been planning to invest billions of dollars on grain logistics and infrastructures in order to raise export of its grains to at least 55.9 million tons by 2035, did not immediately comment while being asked on the subject-matter.