[13 March/Bloomberg]

Cofco Corp, China’s biggest food company, is raising awareness of escalating trade tensions with the U.S. indicating potential suffering for the global economy and adverse situations if agricultural goods are used as bargaining tools. Cofco Corp’s President, Patrick Yu, said he didn’t think any government wanted to take action to block the agricultural trade as it was mutually beneficial. Donald Trump’s tariff’s on steel and aluminium started the potential for a global trade war, with agriculture emerging as a key pressure point. China was said to be looking at the potential effect of the almost $14 billion a year trade in soybeans that is grown in Midwestern states that helped fuel Trump’s election victory. Some analysts saw this as a powerful weapon. China’s Trade Minister has attempted to calm tensions with the U.S. and said that there would be no winner in a trade conflict. Mr Yu emphasised the importance of the U.S supply of soybeans in China.