Trump promised China would buy more soybeans. American farmers are still waiting

U.S. President Donald Trump has previously said on Twitter that China 'does not want' tariffs

Reuters, citing two usa commodity traders, reported that state-owned firms bought more than 500,000 tons of soybeans worth roughly $US180 million on Wednesday.

After months of disagreements over trade, US President Trump and Chinese President Xi Jinping made a deal to stop new tariffs during their meeting in Argentina.

He is also facing pressure from financial markets, which have been roiled in recent weeks by concerns over the effects a worsening trade war between the world's two largest economies would have on global growth.

Yet there were also reports the US would release evidence this week detailing Chinese hacking and economic espionage.

The Trump administration has been trying to negotiate a trade deal on automobiles, agricultural purchases and other issues, even while pledging to keep fighting what it says are intensive ongoing Chinese efforts to steal USA intellectual property.

President Donald Trump's trade negotiators will hold "tough" talks with China, a senior White House advisor said Thursday, while cautioning against watching day-to-day reports on the negotiations.

The soybeans are expected to be shipped from grain terminals in the U.S. Pacific Northwest, the most direct route to Asia, the traders said.

The tariff reduction benefits Daimler and BMW more than US automakers such as GM or Ford Motor Co. because the German luxury brands dominate the top 10 list of vehicle imports into China.

Still, U.S. equities finished well off their session highs and traders were not convinced the market was ready for a sustained move upward after two-straight days of gains.

Through its daily reporting system, the USDA said private exporters sold 1,130,000 tonnes of US soybeans to China for delivery in the 2018/19 marketing year that began September 1.

The US president agreed to postpone for 90 days a January 1 increase in tariffs on Chinese goods while the two sides negotiated over increased Chinese purchases of American farm and energy commodities, an end to forced technology transfers and stronger protections for US intellectual property in China.

US farmers welcomed the deals.

US vehicle manufacturers that were deeply affected by the US-China trade war will see their profits gain steam. "We need follow-up sales in short order in order to keep the momentum higher in soybeans".

Auto sales in the world's second-biggest economy declined for a sixth consecutive month in November, bringing the market closer to its first annual drop in at least two decades.

"I think they're looking to do it immediately, very quickly", he said in the interview.

Of China's $51bn of vehicle imports in 2017, about $13.5bn came from North America, including sales of models made there by non-US manufacturers like BMW. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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