China suspends US lumber imports, revokes export licenses of three U.S. companies over soybean shipments

China's General Administration of Customs (GACC) announced on Tuesday that it has suspended imports of U.S. lumber and revoked the export licenses of three U.S. companies for soybean shipments, citing concerns over the presence of forest pests and contamination in recent shipments.

The GACC reported that routine inspections of U.S. lumber imports uncovered quarantine pests, including bark beetles and longhorn beetles. To safeguard China’s agricultural and ecological security and prevent the spread of harmful organisms, the GACC immediately suspended U.S. lumber imports.

This decision is in accordance with China’s Biosafety Law, the Entry-Exit Animal and Plant Quarantine Law, and international phytosanitary standards.

In addition, Chinese customs authorities detected ergot contamination and pesticide-coated soybeans in U.S. soybean shipments. To protect consumer health and ensure the safety of grain imports, the GACC suspended the export qualifications of three U.S. companies.

The companies involved are CHS Inc., Louis Dreyfus Company Grains Merchandising LLC, and EGT, LLC.

The suspension is based on China’s Food Safety Law, the Measures for the Supervision and Administration of Grain Import and Export Inspection and Quarantine, and the provisions of the World Trade Organization’s Sanitary and Phytosanitary (SPS) Agreement.

China suspends US lumber imports, revokes export licenses of three U.S. companies over soybean shipments

Even under assumptions that the U.S.-Israel war on Iran does not persist past April and that traffic through the Strait of Hormuz gradually resumes, the world will face the pressure of rising oil prices throughout this year, the U.S. Energy Information Administration (EIA) said on Tuesday.

In its latest Short-Term Energy Outlook released on Tuesday, the EIA raised the forecast of Brent crude oil spot price for 2026 to 96 U.S. dollars per barrel from the previous forecast of 79 U.S. dollars a barrel.

Retail gasoline and diesel prices will continue the rising trend this year, said the outlook.

The outlook maintains a risk premium on crude oil prices throughout the forecast period, as the EIA expects uncertainty around future supply disruptions to keep prices above pre-conflict levels.

"Once flows through the Strait of Hormuz resume, we assume it will take time to resolve the backlog and disruption to oil tanker routes and trade flows and that the potential for future disruptions will remain at risk and create a premium in the oil price," it said.

US Energy Information Administration forecasts rising oil prices throughout 2026