China recorded the largest purchase of corn in the US, extending its large imports of US agricultural products, the US Department of Agriculture said on Thursday, China is trying to meet the goal of the first phase of a trade agreement as plain tensions increase between the two largest economies in the world.
The USDA said exporters sold 1,937 million metric tons of corn for delivery to China during the 2020-2021 business year beginning September 1, the third-largest deal for grain to any destination. This purchase surpasses the previous largest deal with China of 1,762 million tonnes earlier this month.
Corn sales reported on Thursday were valued at around $ 325 million, according to prices of new crops in the US Purchases of US agricultural products in China totaled around $ 6 billion through May, the latest Available data, 9.1% more than in the same period in 2019 and 31% below the 2017 level, according to Reuters.
The Phase 1 trade agreement signed by China and the United States in January suggests that the total value of 2020 U.S. agricultural exports to China must reach a minimum of $ 36.5 billion. Although recent mass purchases will bring the nation closer to that ambitious goal, “achieving the figure could be a challenge,” Jin Canrong, an expert in American studies at Renmin University of China, said in an interview with CBS News.
Trade deals appear to be on the right track despite mounting tensions between Beijing and Washington. China accused the United States on Thursday of fueling a new Cold War ahead of its November presidential election. According to a new Pew report, Americans’ unfavorable views of China have reached a “new record high” of 73%.
Last week, China ordered the United States to close its consulate in the western city of Chengdu. The move was a response to the Trump administration’s order that Beijing close its consulate in Houston after Washington accused Chinese agents of trying to steal medical and other investigations in Texas.
China is trying to prevent the relationship from continuing to worsen by fulfilling its commitment to trade agreements, Jin said. “It makes sense why corn imports were so high, because economically speaking, China needs the cheap agricultural products of the United States with a shortage of land at home,” Jin said.
In a book published last month, former President Trump’s national security adviser John Bolton alleged that Trump pressured Chinese President Xi Jinping to buy American agricultural products. to help you win agricultural states in the November elections. Jin told CBS News that he is not sure if Bolton’s claim is true, but “China does not intervene in the civil affairs of the United States.”
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