Trade War Benefits US and China

Agricultural ties between China and the US are stronger than ever, despite the trade war. The PRC bought an unprecedented 11.2 million metric tons of US corn for the season. This is almost 1,300 percent more than before the deterioration of relations between the countries, writes Bloomberg .

The war has brought benefits to the countries. US farm profits are at a seven-year high, thanks in part to China. The country has bought nearly 30 million metric tons of American soybeans, the most since 1991. For sorghum, China accounts for 80 percent of its sales. Experts note that purchases from the PRC are huge, as Beijing seeks to cover the shortage of a number of goods and satisfy domestic demand.

China has already bought so much corn from the USA and Ukraine that imports this year for the first time exceeded the 7.2 million quota set by World Trade Organization (WTO). The US President Donald Trump in 2017 demanded that China increase purchases of agricultural goods by 52 percent. As of the end of October, China has completed 71 percent of the deal.

The main reasons for the start of the trade war at the end of 2017 were the large trade deficit in bilateral relations between the United States and China, as well as Washington’s claims against Beijing in terms of intellectual property rights violations. Previously likely winner of the US presidential election Joe Biden said that he does not intend to immediately end the trade war with China and abolish trade duties.

/OSINT/media/social.