Latest news with #TriviumChina
5 days ago
- Business
China announces preliminary duty on Canadian canola after anti-dumping probe
The provisional rate will be set at 75.8 per cent, effective from Thursday, the statement said. China is the world's largest importer of canola — also known as rapeseed — and sources nearly all of its supplies of the product from Canada. This is huge. Who will pay a 75 per cent deposit to bring Canadian canola to China? It is like telling Canada that we don't need your canola, thank you very much, said one Singapore-based oilseed trader. China's most active Zhengzhou rapeseed meal futures slid three per cent, the biggest daily drop since June 26. The policy marks a shift from the conciliatory tone struck in June (new window) , when China's Premier Li Qiang said there were no deep-seated conflicts of interest between the countries during a phone call with Canadian Prime Minister Mark Carney. The Canadian Embassy in Beijing did not immediately respond to a Reuters request for comment. This move … will put additional pressure on Canada's government to sort through trade frictions with China, said Trivium China agriculture analyst Even Rogers Pay. It also provides an opportunity for Australia, Pay added, which looks set to regain access to the Chinese market with a few test cargoes this year after a yearslong freeze in the trade. Canadian canola exports to China totalled $5 billion in 2023, the last full year before the investigation began. Last fall, China announced it would apply a 100 per cent tariff rate effective March on what the National Farmers Union said would affect the portion of total canola produced which is crushed for export to China, not canola seed imports. The Saskatchewan-headquartered union said in March (new window) it was disappointed by the move, but also stressed that potential tariffs from the White House on all canola imports could be even more damaging given the exponentially higher volume in trade with the U.S. WATCH l China announces Canadian canola investigation (Aug. 2024): China, U.S. put tariff hikes on pause Separately, China also launched an anti-dumping investigation into pea starch imported from Canada, which will last a year and could be extended for six months, it said in a statement. Canada is a top exporter of peas in whole or split form, with Saskatchewan and Alberta as the largest producers; China, the U.S., India and Bangladesh are among the top buyers. Last year, Canada was surpassed by Russia as the top exporter of peas to China (new window) . Russia's market share in the 2023-24 agricultural season climbed to 49.1 per cent, as Canada's fell to 44.6 per cent of China's pea imports, from a dominant position of about 95 per cent in previous years. Additionally, both Canada (new window) and the U.S. (new window) have accused China of dumping and subsidizing pea protein exports to North America in recent years. LISTEN l Warren Ellis, of the Manitoba Canola Growers, on the threats (Aug. 2024) (new window) Meanwhile, China and the U.S. late Tuesday each issued statements indicating the two countries would continue to negotiate on a new trade deal ahead of a deadline in which onerous new tariffs would have kicked in for both. The pause prevents U.S. tariffs on Chinese goods from shooting up to 145 per cent, while Chinese tariffs on U.S. goods were set to hit 125 per cent — rates that would have resulted in a virtual trade embargo between the two countries. It locks in place, at least for now, a 30 per cent tariff on Chinese imports, with Chinese duties on U.S. imports at 10 per cent. With files from CBC News
The Star
07-08-2025
- Business
- The Star
China extends probe on imported beef in respite for global suppliers
BEIJING/CHICAGO: China has extended for three months an investigation period for beef imports, the commerce ministry said on Wednesday (Aug 6), giving global suppliers a breather from the prospect of trade curbs as the domestic industry battles to reduce a supply glut. The inquiry, launched last December, came as slowing demand squeezes the world's largest market for imports and consumption, but does not target a particular country. Trade measures to reduce imports could hit major suppliers such as Argentina, Australia and Brazil, after China has already restricted imports from the United States. The investigation will now run until Nov 26, the ministry said, citing "the large volume of investigative work and the complexity of the case". It also pledged to ensure a "healthy and stable" global trade environment by communicating with all parties. "It's definitely a relief to beef exporters," said Even Rogers Pay, agriculture analyst at Trivium China. "The extension buys Beijing a few months to see whether the domestic industry can regain profitability without safeguards, and hopefully to make progress on other issues with major beef exporters." Although trade measures such as quota curbs were still not completely off the table, it was more likely something could be worked out quietly rather than being imposed, she added. Authorities have ramped up support for the industry, including financial measures. In July, an agriculture ministry official said beef cattle farming had been "generally profitable" for three consecutive months. China imported a record 2.87 million metric tonnes of beef in 2024, but imports of 1.3 million metric tonnes for the first half of 2025 were down 9.5% on the year. China has restricted imports of American meat by not renewing registrations that permitted shipments from hundreds of US beef facilities after they expired in March, according to the US Meat Export Federation, an industry group. "The vast majority of our plants aren't eligible to ship to China presently," federation spokesperson Joe Schuele said. "While the safeguard investigation is important, it's not at the top of our minds. The most urgent situation is to get our plants registered for China." Without exports to China, the federation estimated the US beef industry's lost opportunities at about US$4 billion annually. "Consistent and transparent plant approvals, without expiration, were among the most important components of the 2020 Phase One Agreement with China," federation President Dan Halstrom said, referring to the trade pact signed during US President Donald Trump's first term. "It's time for China to return to those commitments." - Reuters
Straits Times
06-08-2025
- Business
- Straits Times
China extends probe on imported beef in respite for global suppliers
Sign up now: Get ST's newsletters delivered to your inbox China has extended for three months an investigation period for beef imports. BEIJING/CHICAGO - China has extended for three months an investigation period for beef imports, the commerce ministry said on Aug 6, giving global suppliers a breather from the prospect of trade curbs as the domestic industry battles to reduce a supply glut. The inquiry, launched in December 2024, came as slowing demand squeezes the world's largest market for imports and consumption, but does not target a particular country. Trade measures to reduce imports could hit major suppliers such as Argentina, Australia and Brazil, after China has already restricted imports from the United States. The investigation will now run until Nov 26, the ministry said, citing 'the large volume of investigative work and the complexity of the case'. It also pledged to ensure a 'healthy and stable' global trade environment by communicating with all parties. 'It's definitely a relief to beef exporters,' said Ms Even Rogers Pay, agriculture analyst at Trivium China. 'The extension buys Beijing a few months to see whether the domestic industry can regain profitability without safeguards, and hopefully to make progress on other issues with major beef exporters.' Although trade measures such as quota curbs were still not completely off the table, it was more likely something could be worked out quietly rather than being imposed, she added. Authorities have ramped up support for the industry, including financial measures. In July, an agriculture ministry official said beef cattle farming had been 'generally profitable' for three consecutive months. China imported a record 2.87 million metric tons of beef in 2024, but imports of 1.3 million metric tons for the first half of 2025 were down 9.5 per cent on the year. China has restricted imports of American meat by not renewing registrations that permitted shipments from hundreds of US beef facilities after they expired in March, according to the US Meat Export Federation, an industry group. 'The vast majority of our plants aren't eligible to ship to China presently,' federation spokesperson Joe Schuele said. 'While the safeguard investigation is important, it's not at the top of our minds. The most urgent situation is to get our plants registered for China.' Without exports to China, the federation estimated the US beef industry's lost opportunities at about US$4 billion (S$5.2 billion) annually. 'Consistent and transparent plant approvals, without expiration, were among the most important components of the 2020 Phase One Agreement with China,' federation President Dan Halstrom said, referring to the trade pact signed during US President Donald Trump's first term. 'It's time for China to return to those commitments.' REUTERS
Yahoo
06-08-2025
- Business
- Yahoo
China extends probe on imported beef in respite for global suppliers
By Ella Cao and Lewis Jackson BEIJING (Reuters) -China has extended for three months an investigation period for beef imports, the commerce ministry said on Wednesday, giving global suppliers a breather from the prospect of trade curbs as domestic industry battles to reduce a supply glut. The inquiry, launched last December, came as slowing demand squeezes the world's largest market for imports and consumption, but does not target a particular country. However, trade measures to reduce imports would hit major suppliers such as Argentina, Australia, Brazil and the United States. The investigation will now run until November 26, the ministry said, citing "the large volume of investigative work and the complexity of the case". It also pledged to ensure a "healthy and stable" global trade environment by communicating with all parties. "It's definitely a relief to beef exporters," said Even Rogers Pay, agriculture analyst at Trivium China. "The extension buys Beijing a few months to see whether the domestic industry can regain profitability without safeguards, and hopefully to make progress on other issues with major beef exporters." Although trade measures such as quota curbs were still not completely off the table, it was more likely something could be worked out quietly rather than being imposed, she added. Authorities have ramped up support for the industry, including financial measures. In July, an agriculture ministry official said beef cattle farming had been "generally profitable" for three consecutive months. China imported a record 2.87 million metric tons of beef in 2024, but imports of 1.3 million metric tons for the first half of 2025 were down 9.5% on the year.
Yahoo
06-08-2025
- Business
- Yahoo
China extends probe on imported beef in respite for global suppliers
By Ella Cao and Lewis Jackson BEIJING (Reuters) -China has extended for three months an investigation period for beef imports, the commerce ministry said on Wednesday, giving global suppliers a breather from the prospect of trade curbs as domestic industry battles to reduce a supply glut. The inquiry, launched last December, came as slowing demand squeezes the world's largest market for imports and consumption, but does not target a particular country. However, trade measures to reduce imports would hit major suppliers such as Argentina, Australia, Brazil and the United States. The investigation will now run until November 26, the ministry said, citing "the large volume of investigative work and the complexity of the case". It also pledged to ensure a "healthy and stable" global trade environment by communicating with all parties. "It's definitely a relief to beef exporters," said Even Rogers Pay, agriculture analyst at Trivium China. "The extension buys Beijing a few months to see whether the domestic industry can regain profitability without safeguards, and hopefully to make progress on other issues with major beef exporters." Although trade measures such as quota curbs were still not completely off the table, it was more likely something could be worked out quietly rather than being imposed, she added. Authorities have ramped up support for the industry, including financial measures. In July, an agriculture ministry official said beef cattle farming had been "generally profitable" for three consecutive months. China imported a record 2.87 million metric tons of beef in 2024, but imports of 1.3 million metric tons for the first half of 2025 were down 9.5% on the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
