The head of top U.S. food company Bunge Ltd. revealed that China has essentially stopped purchasing soybeans from the U.S. and has instead turned to countries such as Canada and Brazil amid trade tensions.
“Whatever they’re buying is non-U.S.,” Bunge Ltd. CEO Soren Schroder told Bloomberg on Wednesday. “They’re buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S.”
Schroder’s comments come as trade tensions between the U.S. and China have ratcheted up over the past month.
China responded to tariffs levied from President Trump last month through slapping their own tariffs on U.S. goods, including targeting American soybeans.
Schroder told Bloomberg that it is “very clear” that the tensions between China and the U.S. have deterred the Chinese from buying U.S. goods.
“How long that will last, who knows? But so long as there is this big cloud of uncertainty, that’s likely to continue,” he said.
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Top food CEO: China has stopped buying US soybeans due to trade tensions with Trump https://t.co/DdlMqqE7ui pic.twitter.com/BmKc8aVJGI
— The Hill (@thehill) May 3, 2018
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