• News
  • Finance

Export forecasts slashed as trade body warns of volatile start to year

Export forecasts slashed as trade body warns of volatile start to year

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.

China on Wednesday made its first major purchases of US soybeans since President Donald Trump and his Chinese counterpart Xi Jinping struck a trade war truce earlier this month, providing some relief to USA farmers who have struggled to find buyers for their record-large harvest.

The sales are one of the clearest signs yet that a bitter trade fight between the world's two largest economies is thawing following the meeting of the countries' leaders at the Group of 20 industrialized nations gathering in Argentina.

The companies did not immediately respond to requests for comment. -China trade, with USA equities extending gains after the WSJ story.

Senior Chinese and USA negotiators have held telephone talks to discuss the road map for the next stage of their trade discussions, according to China's government.

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.




The soybeans are expected to be shipped mostly from grain terminals in the U.S. Pacific Northwest, the most direct route to Asia, the U.S. traders said. Futures in Chicago tumbled as a result, while the 2018 harvest had been piling up, unsold, in silos, bins and bags across the U.S. Midwest.

The US has hit a total of US$250 billion worth of Chinese goods with tariffs since July, and China has retaliated by imposing duties on US$110 billion of US goods.

Daimler, which said the tariffs were the key reason for a profit warning in June, gained 2.7 percent. "However this approach is making China think twice about their hard stance", said Ernesto Ramos, Managing Director of Active equities for BMO Global Asset Management in Chicago.

China's economy czar and USA trade envoys discussed plans for talks on a tariff battle, the government said Tuesday, indicating negotiations are going ahead despite tension over the arrest of a Chinese tech executive.

Global markets are jittery about a collision between the world's two largest economic powers over China's huge trade surplus with the United States and Washington's claims that Beijing is stealing intellectual property and technology.

U.S. Agriculture Department rules require exporters to promptly report sales of 100,000 tonnes or more of a commodity made in a single day. 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.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

Mourinho: Ranieri one of Premier League's most important managers

At a time when every English team had significant numbers of troublemakers within its fan base, authorities were not prepared to listen.

Finance minister slams France’s ‘yellow vest’ protests as disaster for economy

The movement has no clear leaders, and past protests have attracted extremists who hurled projectiles at police. Mr Macron will speak from the presidential Elysee Palace at 8pm (1900 GMT), an Elysee official said.

Seattle woman dies after contracting rare form of brain-eating amoeba

The woman died about a month later. "Repeat CT imaging demonstrated further hemorrhage into the original resection cavity". After she died, doctors determined the specific infection had been caused by an amoeba called Balamuthia mandrillaris .

Trump chooses army general to lead Joint Chiefs of Staff

Dunford originally was nominated for the Joint Chiefs position by former President Barack Obama, serving an initial two-year term. The chairman is the highest-ranking officer in the US military and is the top military adviser to the president.

Huawei CFO Wanted by United States for Fraud, Bail Hearing Told

After almost six hours of arguments and counter-arguments, no decision was reached and the hearing was adjourned until Monday. The company believes the Canadian and United States legal systems will ultimately reach a just conclusion.

Released Following The Intervention Of The Indian Embassy

It was earlier this week when Mika Singh took to his social media handle and shared a video from Dubai saying, "Hey Dubai". Mika was reportedly picked up from Bur Dubai, a historic and commercial district with many hotels, around 3 am on Thursday.

Liverpool Fan Gets Huge Divock Origi Tattoo After 95th Minute Winner

For all Xherdan Shaqiri's prompting, Liverpool lacked penetration and any element of surprise without their usual front three. Using Daniel was clear; Div after the last game makes sense, using the momentum, trying to use it.

Brie Larson suits up in the new 'Captain Marvel' trailer

The film also stars Ben Mendelsohn , Lee Pace , Lashana Lynch , Gemma Chan , Annette Bening and Clark Gregg . Captain Marvel is an utter badass who has saved the world innumerably and does so with a unique flair.

White officer charged with murder in death of black neighbour

She said she got to what she thought was her apartment - Jean's was directly above hers - and found the door ajar. Jean's family filed a lawsuit against the City of Dallas and its police department in late October.

The G20 Summit: Key meetings and moments

Mrs May had a meeting with the prince on the first day of the G20 summit of world leaders in Buenos Aires , Argentina. Saudi Arabia denies that bin Salman ordered the killing, but US intelligence agencies have concluded the opposite.