A decline in China's soymeal prices after China on Friday dropped its anti-dumping probe into imports of USA sorghum is expected to stoke further losses at Chinese soy processors, which have been in the red since mid-May due to weak animal feed demand in the world's biggest pork market.
Chinese Vice Premier Liu He arrived in Washington Tuesday afternoon for economic and trade consultations with the USA side at the invitation of the US government.More news: Ebola outbreak in the Congo spreads to major city, health officials confirm
China entered the talks offering a package of trade concessions and increased purchases of American goods aimed at cutting the US trade deficit by $200 billion, according to the New York Times and agencies.
"China does not want to see escalating Sino-U.S. economic and trade friction, but is prepared for all possible scenarios", Gao said.More news: Missing South Carolina Child Believed To Be In Minnesota Or Iowa
In the course of its investigation, the ministry concluded that, "Anti-dumping and countervailing measures against imported sorghum originating in the United States would affect the cost of living of a majority of consumers and would not be in the public interest", according to a notice posted on its website. But it is still not a big deal compared with the overall trade deficit in goods, which reached $375 billion past year.
The Section 301 investigation is "an act of unilateralism" and "unpopular with the public", he said, citing that more than 90 percent of the 2,000-plus published comments during the hearings opposed the tariff proposal.More news: Ibobi seeks appointment with Manipur governor, to demand dissolving BJP govt
But in Washington, Trump expressed doubt they would be successful, stating: "China has become very spoiled. because they always got 100 per cent of whatever they wanted from the United States".