China orders up to 2 million tons of American soybeans, United States says

Dwayne Harmon
December 14, 2018

China, led by President Xi Jinping, has been accused of engaging in unfair trade practices.

ING said the Huawei case made it progressively evident that the China-US exchange war is about the trading of innovation, and there were likewise reports the United States would discharge proof this week enumerating Chinese hacking and monetary undercover work.

China resumed buying US soybeans, bringing some relief to farmers in Donald Trump's heartland as President Xi Jinping works toward a trade deal with his American counterpart.

"The risk right now is to the downside still, even though we had this reversal", said Gordon Charlop, managing director at Rosenblatt Securities in NY.

The U.S. Department of Agriculture estimates that U.S. soybean export prices dropped by about 20% since April 2018, even as major production rivals Brazil and Argentina have remained significantly ahead. China Automobile Dealers Association's Import Committee Director Wang Cun states that imported cars will benefit from the cancellation of the new tariff levied by China against the US.

China is the largest buyer of US soy, importing about 60 percent of all USA overseas shipments previous year in deals valued at more than $12 billion.

The United States had been poised to more than double the punitive tariffs on $200 billion in Chinese goods at the start of the year, but with the truce in effect that has been pushed back to March 1. Following a summit on trade in Buenos Aires earlier this month, Mr Trump jolted global auto stocks with a tweet that China agreed to "reduce and remove" tariffs on imported American-made cars, something China did not confirm at the time.

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

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"Very productive conversations going on with China!" tweeted U.S. President Donald Trump on Tuesday.

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 trade war has taken a toll on vehicle companies that manufacture in the US, with the makers of Mercedes-Benz and its rival BMW both warning of lower profits this year as tariffs forced them to hike prices in China.

The US has a long list of complaints against China on intellectual property, forced technology transfers and industrial subsidies.

China's Finance Ministry didn't respond to a request for comment.

Another trader with direct knowledge of the deals and one who sells beans to the exporters involved said that about 30 cargoes had traded by Wednesday afternoon.

Growing concerns that the trade war will increasingly hurt corporate earnings and the US economy are a key reason why USA stock prices have been sinking this fall.

Daimler also exports its vehicles from the U.S. to China and it saw its shares go up by 2.7% in trading. This year, it dethroned Apple as the world's second largest smartphone maker.

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