"Business is business": China's vice finance minister comments on tariffs on U.S. soybeans

Updated 2018-04-04 19:06:48 Xinhua

China on Wednesday dismissed political motives behind its countermeasures against U.S. soybean imports after the U.S. administration proposed tariffs on billions of dollars of Chinese products.

"Business is business," Vice Finance Minister Zhu Guangyao said at a press conference. "We should analyze the challenge we face and the way we deal with it from the perspective of the economy."

He made the remarks in response to a reporter asking whether China intends to hit U.S. President Donald Trump's political base in agricultural states by putting soybeans at the top of a U.S. product list to be subject to higher Chinese tariffs.

"We are forced to bring forward the product list, and there are grounds for the specific items and their order on the list," Zhu said.

U.S. soybeans sold to China account for 62 percent of its total soybean exports, with 32.85 million tonnes of soybeans exported to China last year, or 34.4 percent of China's total imports, according to Zhu.

While U.S. farmers can benefit from healthy Sino-U.S. economic ties, the export amount to China was too big, he said.

Chinese farmers have petitioned industry associations that U.S. government subsidies hurt the interests of Chinese soybean growers, and China must respect its farmers' demands, Zhu told reporters.

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