Delays in Chinese approvals of imported genetically modified crops have cut U.S. gross domestic product by about $7 billion over the past five years by reducing sales of crops and other goods, an industry group that represents global seed companies said on Wednesday [May 30].
The report by CropLife International indicates what is at stake for the administration of President Donald Trump as it seeks better access for U.S. GMO crops into China as part of a trade deal under discussion.
U.S. Commerce Secretary Wilbur Ross is set to visit Beijing this week for talks, after months of escalating tensions that had threatened a trade war.
The United States said on Tuesday [May 29] it still held its threat of imposing tariffs on $50 billion of imports from China and would use it unless Beijing addressed its concerns over the theft of American intellectual property.
The sector says delays in Chinese approvals hurt the value of U.S. corn harvests by preventing farmers from using new seeds that can protect crops from pests and weeds.
Read full, original post: China’s slow approvals of biotech crops cost U.S. $7 bln, says industry group