China wants to stop buying American soybeans entirely
Last edited Wed Oct 24, 2018, 12:59 PM - Edit history (1)
Source: CNN Business
By Daniel Shane, CNN Business
Updated 12:50 AM ET, Wed October 24, 2018
Hong Kong (CNN Business) First, Beijing slapped tariffs on American soybeans. Now, it wants to wean its farmers off them altogether. China has been facing a potential soybean shortage after it put a new 25% tariff on importing them from the United States in July, part of the escalating trade war between the two countries
China is the world's biggest buyer of soybeans, using them as a protein-rich feed for livestock such as pigs and chickens. More than a third of its supply comes from the United States.
Beijing's solution to get by without US beans? Give the animals less to eat.
One of the country's top industry groups this month proposed cutting the amount of protein used in livestock feeds, saying animals could get by with less than is required at the moment. The government-run China Feed Industry Association said a reliance on imported soybeans is creating a "bottleneck" for the country's farming industry.
Read more: https://www.cnn.com/2018/10/24/economy/china-soybeans-trade-war/index.html
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