[Beijing 24 Reuters]-China has exempted several importers from applying sanctions on US soybeans. It looks like sincerity before next month's ministerial trade talks. Two people familiar with the situation revealed on the 24th. According to one source, exemptions are implemented in two stages, for a total of approximately 5-6 million tons.
However, it is unlikely that an additional purchase of US soybeans by China will lead to a breakthrough in trade talks.
President Trump accused China's trade practices again in a speech given at the United Nations General Assembly on the 24th, and expressed his view that he would not accept undesired agreements in US-China trade talks.
According to sources, the exemptions included state-owned Chinese food management groups and food groups, as well as private and foreign companies.
The first installment has already been implemented this month, and as a result, large-scale purchases of US soybeans were made.
Reuters reported this month that Chinese importers have purchased more than 600,000 tons of US soybeans on the 12th, ahead of US-China vice-minister trade talks.
According to sources, there was a larger purchase on the 23rd after the Chinese government implemented the second exemption.
One source indicated that additional purchases would be made before the ministerial talks in early October.
Purdue's US Secretary of Agriculture accuses China of not yet fulfilling its commitment last December that it would purchase 20 million tons of US soybeans.
One source said that China has already purchased 14 million tons, reaching 20 million tons from this duty exemption. He expressed his view that if the October trade talks were good, he could buy more.