China Slaps 179 Percent Import Charge On US Sorghum


But on Tuesday China's Commerce Ministry ordered importers of U.S. sorghum to post bonds to pay possible anti-dumping duties.

CHS Inc (CHSCP.O) and other USA companies will have to put up a 178.6 percent deposit on the value of sorghum shipments to the country in what Beijing called a temporary measure, as the government continues to probe imports of the grain. The US has trade deficit of United States dollars 500 billion per annum.

In China, sorghum is used in animal feed and also in the production of a popular type of Chinese liquor.

"It's very high. Basically U.S. sorghum won't be able to come in", said Fan Jingya, grains analyst at Cofco Futures. China was the largest buyer of United States soybeans previous year, gobbling up $12.3 billion worth of imports. China is one of the biggest foreign markets for U.S. sorghum growers. Just last week, about 116,000 tonnes of U.S. sorghum was shipped from Texas, U.S. Department of Agriculture data showed on Monday.

Xi's announcement was among a raft of measures that were seen as potential concessions to US President Donald Trump as they face a potential trade war.

It was unclear whether that might mollify Mr Trump, who has threatened tariff hikes on 150 billion U.S. dollars of Chinese goods in response to complaints Beijing pressures foreign companies to hand over technology.

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China is slapping a huge import charge on a crop that it accuses American farmers of dumping on its markets.

The Trump administration has recently threatened up to $150 billion worth of import duties on Chinese products ranging from steel to robotics, while China has responded with its own list of US products that would be subject to higher tariffs - including soybeans, aircraft and automobiles.

The government said on Tuesday it found the domestic industry was "substantially damaged" by US sorghum imports that are being dumped into the country.

The Commerce Ministry says the new charges, which take effect Wednesday, could be reversed by a final decision in the sorghum probe expected later.

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Cargill could not be reached for comment.

CNN reports China's the largest importer of US sorghum products. The U.S. has long demanded better access to the Chinese market.

USA farm income has dropped by more than half since 2013, as years of massive harvests have depressed prices for staple crops.

"Instead of targeting fairly traded US exports, China should immediately stop its unfair trading practices", he said.

The two-month investigation found US sorghum enjoyed government subsidies and the imports hurt Chinese farmers.

The scale of China's deposit devastated traders who had rushed to increase imports prior to the ruling. It sold more than 4 million cars in China in 2017, far more than in any other country. A source at another worldwide trading house said the sector had expected a lower deposit, close to 35 percent.

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