American companies begin to pour into the Chinese market

Investors in both the US and China have been relieved after officials from both countries announced successive reductions in tariffs on each other’s goods. The latest was the Chinese government’s confirmation on Wednesday that it would suspend for a year the additional 24% import tariff it imposed on US goods in April this year, but maintain the overall tariff of 10%. The cooling of US-China relations also marked the return of many US goods to the Chinese market.

The opening ceremony of the US Food and Agriculture Pavilion took place at the China International Import Expo in Shanghai on November 6. This event marked the return of US agricultural products to the Chinese market after many years of interruption due to the trade war.

"We are very pleased that the two countries are back on track and we can continue to promote US agricultural products. In terms of timing, this is a very good time for us to promote US agricultural products to this very important market," said Mr. Erick Zheng - President of the American Chamber of Commerce in Shanghai, China.

Jim Sutter, CEO of the U.S. Soybean Export Council, presented a bottle of U.S. soybeans to the audience. Nearby, two chefs were frying pork patties in U.S. soybean oil.

China has pledged to buy at least 25 million tonnes of soybeans a year for the next three years, which would bring its purchases back to levels seen before US President Donald Trump launched his trade war with China this spring.

"The US soybean industry is very excited," said Kim Sutter, CEO of the US Soybean Export Council. "We had expected the conflict to be a short-term setback, but now we are happy to see US soybeans from our 500,000 soybean farmers returning to China."

China is the world's largest buyer of soybeans, having bought a quarter of the US soybean crop in recent years. Last year alone, China bought more than $12.5 billion of the nearly $24.5 billion in soybeans exported by the US. China has also pledged to continue buying US sorghum, another crop used primarily for animal feed.

Source: https://vtv.vn/hang-my-bat-dau-do-vao-thi-truong-trung-quoc-100251107171544463.htm