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China Food Giant Says Trade War With U.S. Not Good for World

  • Cofco president Patrick Yu spoke in an interview in Beijing
  • China is encouraging companies to buy U.S. soybeans, Yu says
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Yu says China’s government is still encouraging companies to buy soy beans from the U.S. despite the trade tensions.(Source: Bloomberg)
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China’s biggest food company is sounding the alarm bells over escalating trade tensions with the U.S., pointing to potential suffering for the global economy and blow back for both countries if agricultural goods are used as bargaining chips in the fight.

Tit-for-tat actions on trade aren’t “going to be any good for the whole economy,” Cofco Corp. President Patrick Yu said in a Bloomberg Television interview at the state-run firm’s headquarters in Beijing. “It just creates a lot of conflicts and misunderstandings.”