Trump Says He Would Meet Xi Again, Hails China Soybean Purchases

Trump Says He Would Meet Xi Again, Hails China Soybean Purchases

Brent futures added another 65 cents to $60.85, while USA crude rose 60 cents to $52.25 a barrel. The resumption of US soybean purchases will provide some relief to American farmers who have seen exports to the world's biggest consumer plummet and domestic inventories pile up.

"I've heard rumors that they're going to buy our beans and put them in reserve, but I don't see ships sitting in our ports to haul them to China yet", said John Heisdorffer, an Iowa soybean grower and chairman of the American Soybean Association, on Wednesday. "They are starting, just starting now", Trump said in the interview.

The discussions reportedly touched on China's purchases of agricultural goods and changes to China's economic policies, including its Made in China 2025 plan, which seeks to promote the growth of tech industries such as robotics, according to The Wall Street Journal.

US President Donald Trump said on Tuesday that China has resumed purchases of a "tremendous amount" of American soybeans, and that he believes Beijing will soon cut tariffs on autos.

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

According to Trump, trade talks with Beijing are already under way by telephone, with more meetings likely among USA and Chinese officials. "Watch for some important announcements!" he added. The report said the new plan would allow foreign companies greater access to the Chinese market.

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. "And therefore tension between China and USA will continue".

Asian markets faced a fraught session on Wednesday as conflicting reports deepened confusion over Sino-US trade, while sterling was battered by talk of an imminent party coup against British Prime Minister Theresa May.

Mr Trump's tweet came shortly after he agreed with Mr Xi to a truce in the trade war during a meeting at the G20 summit in Argentina.

Trump said on Tuesday that those negotiations are already taking place by telephone.

USA officials later said they wanted to see China move to reduce the auto tariffs "immediately" as a sign that negotiations would proceed in good faith.

"Last week, events seemed to conspire to throw the truce into disarray, but the underlying incentives of both sides at the moment are to try to maintain that truce", said Freya Beamish, chief Asia economist at Pantheon Macroeconomics.

Ross said Beijing's offer would help German auto manufacturers in particular as they produced vehicles for the Chinese market at United States auto plants.

Trump approved tariff hikes of 25 percent on $50 billion of Chinese goods and 10 percent on another $200 billion of imports in response to complaints Beijing steals or pressures companies to hand over technology.

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