UPDATE 5-China fans trade dispute with hefty deposit on U.S. sorghum imports [Reuters]
Archer-Daniels-Midland Company (ADM)
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Source: Reuters
China fans trade dispute with hefty deposit on U.S. sorghum imports | Reuters 6 Min Read BEIJING/CHICAGO (Reuters) - China will slap hefty anti-dumping deposits on imports of U.S. sorghum from Wednesday, the government said on Tuesday, a higher-than-expected charge on the grain used in livestock feed and the spirits industry, as trade tensions escalate between the world’s top two economies. CHS Inc and other U.S. companies will have to put up a 178.6 percent deposit on the value of sorghum shipments to the country in what Beijing called a temporary measure, as the government continues to probe imports of the grain. Traders said the deposit was high enough to bring U.S. imports to a halt and inflate prices of alternatives, such as barley. Sorghum is used in livestock feed and the fiery Chinese liquor baijiu. “De facto, it stops all the trade,” said Mike O’Dea, a U.S. trader for broker INTL FCStone. The deposit on sorghum comes after Beijing had already threatened a tariff on the grain
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