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Commerce Secretary Ross comments on China/soybeans

U.S. Commerce Secretary Wilbur Ross, in an interview with CNBC, indicates China may already be regretting its decision to impose additional tariffs on U.S. soybeans.

“They’re literally having to pay farmers to try to convince them to grow soybeans instead of a more lucrative crop,” Ross said. “They haven’t been able to replace our soybeans very effectively with beans from Brazil.”

Ross says it is not as simple to put in retaliatory trade measures as the Chinese may have thought, “and I think the EU is going to find the same thing”.

Ross also said the Trump administration has seen “positive developments” in trade talks with Mexico.

AUDIO: Excerpt from Ross’ interview with CNBC