China is signaling that it won’t back down from a trade battle with President Donald Trump and the US.
In an interview with Bloomberg, the CEO of one of the largest soybean processors in the world said China has effectively ended purchases of US soybeans — a critical export crop.
Soren Schroder, CEO of oilseed processor Bunge, told Bloomberg that Chinese purchases of US soybeans have all but vanished.
“Whatever they’re buying is non-US,” Schroder said. “They’re buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the US.”