China's Commerce Ministry announced on Friday that it was ending a probe because it concluded that "anti-dumping and countervailing measures" on U.S. sorghum imports would negatively affect Chinese consumers.
China started investigating USA sorghum in February after finding that large volumes and falling prices hurt Chinese producers.
The Chinese Commerce Ministry said Friday the investigation, which started in January, found that imposing anti-dumping duties on USA sorghum would increase living costs for Chinese consumers.
"China is taking some goodwill measures", said one trader at an worldwide company having soybean processing plants in China.
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The probe had also sparked fears among American farmers that they would lose their largest export market for the crop.
China's vice premier, Liu He, met with President Donald Trump and a USA negotiating team led by Treasury Secretary Steven Mnuchin on Thursday in the first of two days of talks.
China imported $956 million of sorghum from the United States a year ago, according to the Commerce Ministry. China has responded by targeting $50 billion in United States imports. Preliminary antidumping tariffs of 178.6 percent on the crop, which is used primarily for animal feed and liquor, took effect on April 18. "The next USA sorghum crop will be harvested in August", he told the news agency Reuters.
It said it had received many reports that the investigation would result in higher costs for the livestock industry, adding that many domestic pig farmers were facing hardship because of declining pork prices.
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"Now they are showing goodwill by halting its anti-dumping investigation into sorghum imports, but it is a cheap way of showing goodwill as the United States doesn't have much sorghum left to export".
Earlier on Friday, China announced that it was ending its sorghum investigation, which had effectively halted a trade worth roughly $1.1 billion previous year. But it is still just a drop in the bucket compared to the overall trade deficit in goods, which reached $375 billion past year. Trump instructed reporters that he had doubts concerning the potential for an settlement.
"China has become very spoiled. because they always got 100 percent of whatever they wanted from the United States", he said, adding a barrage of criticism against former USA administrations for allowing the United States to be "ripped off" by Beijing.
Meanwhile, the US Congress is looking set to advance a bill that would give the US greater power to block deals between American and Chinese companies that could risk national security, The Wall Street Journal said.
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