Economics
China to Announce Resumption in U.S. Soy Purchases Soon
- Volume could be 5m or 8m tons for state reserves: officials
- Whether to lift 25% tariff still being decided, officials say
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China intends to announce this month the first batch of U.S. soybean purchases where most, if not all, will be destined for state reserves, according to government officials.
The final decision will be made by the State Council or cabinet, said the people, who declined to be identified as the matter is confidential. Details to be decided include whether the volume should be 5 million tons or 8 million tons and if commercial companies should buy a further 2 million tons and be reimbursed for the 25 percent tariffs, the people said.