Beijing | Reuters –– The response by China’s commerce ministry to the latest U.S trade measures is too weak, and should target U.S. soybeans, former Chinese finance minister Lou Jiwei said on Saturday.
The commerce ministry on Friday unveiled a plan to levy additional duties on up to US$3 billion of U.S. imports including fruit and wine, in response to U.S. import tariffs on steel and aluminum.
“I think the measures taken by China’s commerce ministry are relatively weak,” said Lou, currently chairman of the National Council for Social Security Fund (NCSSF).
Read Also
Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
“If I were in the government, I would probably hit soybeans first, then hit autos and airplanes. We cannot let other people profit at our expense.”
Lou was speaking at the annual China Development Forum in Beijing.
However, Lou also said a trade war is not good for either side.
“It’s like killing 1,000 enemies and losing 800 of our own people,” he told reporters separately on the sidelines of the forum.
“We should try to resolve the problem.”
— Reporting for Reuters by Kevin Yao; writing by Ryan Woo.
