ADM Sees Tariff War Changing China’s Soy Trade Pattern for GoodBy
Trade war was a ‘wake-up call’ for China, ADM’s CFO Young says
U.S. needs to find new trade partners, other uses for crops
President Donald Trump’s trade war will change forever the way top importer China buys its soybeans.
That’s according to Archer-Daniels-Midland Co., one of the world’s largest agricultural commodities trader. The tit-for-tat tariff spat, which has already shrunk purchases of American beans, probably will mean China will try to reduce its dependence on the U.S. by buying from elsewhere and improving yields of its own production, ADM Chief Financial Officer Ray Young said.