US-China put trade war ‘on hold,’ China scraps antidumping duty on US sorghum

May 22, 2018

US-China trade war entered what could be a de-escalation phase after US Secretary Steven Mnuchin said that both the countries were “putting the trade war on hold” as they were working on an agreement.

Meanwhile, Chinese Ministry of Commerce terminated the antidumping investigation on US sorghum Friday as these measures were deemed to be not in public interest.

The antidumping investigation established that the duty would increase costs for aquaculture and livestock industries. “The investigation agency found that the price of domestic pork has been declining recently, and many farmers are facing difficulties,” the statement said.

The sorghum trade faced severe disruption after the investigation placed an import tax of 178.6% on US-origin sorghum April 18. Around 20 Panamax-sized distressed cargoes were looking for homes after the announcement, according to market sources. At least half of these volumes are said to have been sold at heavy discounts into Spain, South Korea and other destinations.

According to the ministry, the collected antidumping deposits will be reimbursed in full.

Source: Platts

Source from : hellenicshippingnews

HEADLINES