US widens metals tariffs to hit industrial goods, baby products
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South China Morning Post
4 hours ago
- South China Morning Post
With no US trade deal, China continues Brazil pivot for soybean supply
China slashed its soybean imports from the United States while increasing shipments from Brazil in July, a move that further reorients its supply from the world's top producer even as American farmers press Washington to negotiate for larger purchases of the crop in a hypothetical trade agreement. Last month, China imported 420,873 tonnes of soybeans from the US, down 11.47 per cent from a year earlier, according to a Wednesday data release by the General Administration of Customs in Beijing. The figures indicate China is continuing a gradual pivot towards Brazil to satisfy its vast demand for soybeans, as trade tensions with Washington persist and multiple rounds of talks have failed to produce the sort of wide-ranging deal that would include an increase in shipments of the sought-after legume. Imports from Brazil jumped 13.92 per cent year on year to 10.39 million tonnes in July, in stark contrast to the decline in US shipments. Overall, China's soybean imports rose 18.39 per cent year on year to 11.67 million tonnes in July, with Brazil accounting for nearly 90 per cent of its supply. The US' share stood at just under 4 per cent. In the first seven months of the year, China imported 61.03 million tonnes of soybeans, up 4.63 per cent from the year prior, with nearly 70 per cent sourced from Brazil and just over a quarter from the US. One of the US' most important agricultural exports, soybeans have been a point of leverage at a fraught time for bilateral relations. China relies heavily on imports for its supply, primarily used as animal feed and cooking oil.
South China Morning Post
6 hours ago
- South China Morning Post
China turns up oil tap from Russia as purchases of US crude remain suspended in July
China's crude oil imports remained robust in July, fuelled by higher Russian shipments, while China's purchases from the US remained suspended for a second straight month. The latest customs data shows that the volume of inbound crude oil reached 47.2 million tonnes in July, up 11.5 per cent from a year earlier. China purchased 8.71 million tonnes of crude oil from Russia, making it the top source of China's crude imports last month, according to the official data. This marked a year-on-year increase of 16.8 per cent, with its northern neighbour supplying nearly a fifth of crude imports. Meanwhile, China's last import of crude oil from the US was in May. China also imported 7.47 million tonnes of crude oil from Saudi Arabia in July – a year-on-year rise of 16.6 per cent. Saudi Arabia, Iraq and Malaysia were China's other top crude oil suppliers last month. Over the first seven months of the year, China imported 326.6 million tonnes of crude, up 2.8 per cent from the same period in 2024. Russia accounted for 17.7 per cent of this year's total.
South China Morning Post
6 hours ago
- South China Morning Post
Russia offers India ‘special mechanism' to keep buying its oil, amid Trump tariff threat
Russia expects to continue supplying oil to India thanks to a 'special mechanism' despite warnings from the United States , Russian embassy officials in New Delhi said on Wednesday, adding that Moscow hopes trilateral talks will soon take place with India and China. US President Donald Trump has announced an additional tariff of 25 per cent on Indian goods exported to the US from August 27, as a punishment for buying Russian oil, which constitutes 35 per cent of India's total imports compared with a negligible 0.2 per cent before the Ukraine war. top aide to Donald Trump earlier this month accused India of effectively financing Russia's war in Ukraine by buying oil from Moscow. 'I want to highlight that despite the political situation, we can predict that the same level of oil import [by India],' Roman Babushkin, the charge d'affaires at the Russian embassy in India, told a press briefing. He predicted India and Russia would find ways to overcome Trump's latest tariffs in their 'national interests'. Trade talks between India and the US broke down over the opening up of India's vast farm and dairy sectors, as well as its purchases of Russian oil. The total tariff announced on Indian goods entering the US is 50 per cent.
