The recent meeting of American President Donald Trump with his Chinese counterpart Xi Jinping caused new realignments in the international shipping industry. As has become known, the mutual port duties between the USA and China are suspended for one year.
However, beyond this, Donald Trump assured that China is preparing to buy “significant” quantities of soybeans and other agricultural products from the United States. “Significant volumes of soybeans and other agricultural products will be purchased immediately,” he characteristically stated.
It is recalled that China had suspended soybean imports from the United States, turning to Brazil and Argentina.
Within this framework, the US Secretary of the Treasury, Scott Bassent ‒as a Reuters publication reports‒ stated on October 30 that China agreed to buy 12 million metric tons of American soybeans during the current period until January. In fact, the Asian giant also committed to buying 25 million tons annually for the next three years, as part of a broader trade agreement with Beijing, Mr. Bassent said.
It should be noted that China’s soybean imports represent 60% of global trade, overshadowing all other markets combined, according to a recent report by the Allied shipbroking.
