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China Has Amassed $1 Billion Glut of U.S. Cotton It Doesn’t Need

China has bought more than $1 billion worth of American cotton in the past three months. And it doesn’t even need it. The purchases — made as part of the phase one trade deal between Washington and Beijing — are hitting just as the pandemic shuts down clothing stores, decimating demand. That means China’s state-run companies are stashing away the cotton they bought, dimming the outlook for further imports.

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