China will not increase its annual low-tariff import quotas for corn, wheat and ...
BEIJING - China will not increase its annual low-tariff import quotas for corn, wheat and rice to accommodate stepped-up purchases of farm goods from the United States, local media group Caixin quoted senior agriculture official Han Jun as saying on Tuesday.
Traders and analysts said the announcement appeared to be aimed at local concerns as Beijing gears up to buy more U.S. agricultural goods. Han, a vice agriculture minister and part of the negotiating team, said last month China would buy more U.S. wheat, rice and corn, leading to speculation that Beijing could increase annual quotas on the amount of wheat, corn and rice that can be imported at a tariff rate of 1%.
“Although there’s certainly types of high-quality wheat that China would look to import, maxing out the tariff rate quota would also weigh on domestic producers,” said Darin Friedrichs, senior Asia analyst at INTL FCStone, in a note late on Monday. U.S. Trade Representative Robert Lighthizer said in December Beijing had committed to buy an additional $32 billion of American agricultural products over two years, or roughly $16 billion a year more than the 2017 baseline of $24 billion.
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