China makes big USA soybean purchase

China makes big USA soybean purchase

Traders said China made the first major purchase of US soybeans since Washington and Beijing agreed to a temporary trade truce this month. The U.S.is now imposing a 10 percent duty on imported aluminum and a 25 percent duty on imported steel.

American soybean farmers are still waiting to see the benefit of President Donald Trump's trade truce with China.

"We do object to using inappropriate methods, like stealing secrets, like forced technology transfers, that sort of thing", Ross said of China.

Investors have been skeptical about the progress made toward ending a trade war that has disrupted the flow of hundreds of billions of dollars of goods between the world's two largest economies.

The arrest of a top executive at China's Huawei Technologies has also roiled global markets amid fears that it could further inflame the China-U.S. trade row.

Beijing plans to replace the "Made in China 2025" initiative with a new one to play down China's bid to dominate manufacturing and will seek to be more open to participation by foreign companies, the Wall Street Journal reported on Wednesday, citing people briefed on the matter.

China intends to announce this month a batch of US soybean purchases, according to government officials, after the country's imports of the product from American farmers plunged because of the trade conflict.

More news: MSNBC, CNN Anchors Gush Over Nancy Pelosi After Oval Office Meeting

On Tuesday, Asian equities struggled again despite a bounce in NY as investors fret over a flawless storm of issues, including fears that the arrest of Meng Wanzhou, Huawei's chief financial officer, in Canada could further inflame the China-US trade row.

The soybean exports would also provide relief to USA farmers.

In July, China had boosted the tariff on American-made cars to 40pc as part of retaliatory measures against the US.

Benchmark soybean futures on the Chicago Board of Trade on Wednesday hit their highest level since midsummer.

"Right off the bat we had news that China was thinking about decreasing levies on us vehicle, at that point the Huawei CFO was discharged on safeguard and afterward Trump said might he be able to intercede for the situation on the off chance that it anchored an economic agreement". A third trader, based in Europe, said the buyers were Sinograin and Cofco and sellers included Cargill Inc, Louis Dreyfus Company and CHS Inc CHSCP.O . With those exports gone, soybean prices had tumbled to their lowest in a decade, heaping pain on USA farmers, a key Trump constituency.

Officials at the White House and OMB did not immediately respond to requests for comment. Another trader with direct knowledge of the deals and one who sells beans to exporters involved said around 30 cargoes had traded by Wednesday afternoon.

The USDA reported export sales of US corn in the week to December 6 at 903,200 tonnes for the 2018/19 crop year, below a range of trade expectations for 1.0 million to 1.5 million tonnes.

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