China to Reimburse Tariffs for State Reserve Soybeans
- Reimbursement will apply to cargoes bought for state stockpile
- At least one U.S. soy cargo on water will be going to reserves
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China will reimburse the buyer for the cost of the 25 percent tariff on soybean imports from the U.S. if the cargoes are for state reserves, according to people familiar with the matter.
Extra duties were applied to a range of U.S. farm products from July 6 in retaliation for President Donald Trump’s tariffs on $34 billion of Chinese goods. State reserve buyers will pay the additional tariff before they’re later reimbursed by the government, according to the people, who asked not to be identified because they’re not authorized to speak to the media. Sinograin, the group that handles state stockpiles, wasn’t available to comment.