China and Soybeans – level 3
The US updated its tariffs on Chinese goods set for October 1st. In response, China is exempting some American goods from harsh tariffs, such as pork and soybeans. These moves are calming people in the trade war between the US and China.
The choice to exempt soybeans is important because they make America a lot of money. A US government agency says that soybeans are about half of the main crops in the US, and they bring in about 30% of US crop value.
In similar timing, a Chinese business bought more than 600,000 tons of soybeans from the US.
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