U.S. Envoy Says China Retaliation on Soybeans Would Backfire
- Terry Branstad speaks in interview after Kim visit to Beijing
- U.S. tariff plans sparked stocks plunge amid trade war fears
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U.S. Ambassador Terry Branstad warned China against retaliatory measures aimed at imports of American soybeans, as the world’s two largest economies edged closer to a trade war.
The former Iowa governor told Bloomberg Television on Thursday that any effort to curb U.S. soybean imports would harm regular Chinese citizens more than American growers. The crop provides a key source of protein, including as feed for hogs, for the country’s growing middle class, Branstad said in an interview at the U.S. Embassy in Beijing.