China buys mountain of US soyabeans as trade truce holds
The purchase of more than 1.5-million tonnes of beans is the most concrete evidence yet that China is making good on pledges the US said Xi Jinping made
Chicago — On Wednesday, China made its first major purchases of US soyabeans since President Donald Trump and his Chinese counterpart Xi Jinping struck a trade war truce earlier in December, providing some relief to US farmers who have struggled to find buyers for their record-large harvest. In an interview on Tuesday, Trump said the Chinese were already buying a "tremendous amount" of US soyabeans and would also soon cut tariffs on US vehicles. The purchase of more than 1.5-million tonnes of beans is the most concrete evidence yet that China is making good on pledges that the US government said Xi made, when the two leaders met on December 1 and agreed to a 90-day detente to negotiate a trade deal. Global markets had whipsawed since then, with little sign that China was making the substantial purchases of U.S. farm, energy and industrial products that Trump said would start immediately after the meeting. Investors have been sceptical about the progress made toward ending a trade wa...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.