March 7, 2018

 

New Hope founder expresses concern over potential US-China trade war
 

 

Liu Yonghao, founder of Chinese pig feed company New Hope Group, has voiced his concern over a possible trade war between the US and China.


A tit for tat exchange of trade measures could occur as  US President Donald Trump threatens to impose tariffs on steel and aluminum imports.


Ahead of China's National People's Congress meetings, Liu told reporters that a trade war would affect New Hope's business, Bloomberg reported.


The company is said to be the biggest consumer of American soybeans. However, Liu added that New Hope will be able to find "other solutions" should a trade war happens. 
 

"We have to raise pigs, and citizens have to eat pork," he remarked. He hopes a recent visit to the US by Chinese President Xi Jinping's top economic aide will help pacify trade tensions.

 

Meanwhile, the American Soybean Association also warned that the metal tariffs could severely impact the US-China soybean trade relation.

 

Pig feed operations are biggest users of soymeal, a major product of soy crushing, and China is the US' largest soy buyer.


- Bloomberg