U.S. soybean export sales to China have come to a halt, the chief executive of agricultural merchant Bunge Ltd said on Wednesday, over mounting trade tensions between the world’s top two economies.
“All the business that’s being conducted with China now is being conducted from non U.S. origins,” CEO Soren Schroder said in an interview. “That means Brazil first, but also places like Canada. Nobody’s willing to take the risk of committing to U.S. soybeans to China in the current context.”
Beijing has threatened tariffs on imports of U.S. products including soybeans, America’s top agricultural export to China, worth more than $12 billion.
Source: Reuters
