Global Times recently reported that, according to Russian news media, voices from the Moscow Economic Forum expressed the expectation that China’s tariff hikes on American food would be very helpful in turning Russia into China’s primary foreign food supplier. The CEO of the Central Russia Development Fund observed that the China-U.S. trade war would be a “giant opportunity” for Russia, especially when global pricing for agricultural goods are increasing at the rate of 4.5 percent per year. Russia has a great potential to expand its agricultural output. The CEO of China National Cereals, Oils and Foodstuffs Corporation International (COFCO Int’l) just visited Moscow a few weeks ago and had a formal discussion with the Russian Minister of Agriculture. COFCO International brought three investment projects to the table. China recently announced tariff hikes on 128 U.S. export goods as a counter to the U.S. tariff increases on foreign steel and aluminum.
Source: Global Times, April 4, 2018