US soybean farmers win big from US-China trade war truce

14 December, 2018, 09:01 | Author: Corey Lynch
  • Trump Departs G-20

Brent futures added another 65 cents to $60.85, while US crude rose 60 cents to $52.25 a barrel. For example, shares in BMW rose 1.8 per cent, Daimler's share price increased by 2.7 per cent, Volkswagen rallied by 3.6 per cent, and General Motors jumped by 1.5 per cent.

On Tuesday, Asian equities struggled again despite a bounce in NY as investors fret over a ideal storm of issues, including fears that the arrest of Meng Wanzhou, Huawei's chief financial officer, in Canada could further inflame the China-US trade row.

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. The company has been working with Shanghai's government on establishing a factory to assemble cars in China.

American farmers, especially soybean farmers, have been hit hard by China's retaliatory tariffs.

China and the United States are set to take action against each other as tensions escalate over trade, cyber hacking and espionage as senior American law enforcement officials identified Beijing as the most serious threat to Washington's national security, officials said. The German company BMW AG also exports its sports utility vehicles to China from the U.S., and it saw its shares go up by 1.8%.

But by far the largest number of US -made cars shipped to China bear German names.

Ross did not say when the Chinese auto tariffs will come down or whether Washington had made any offer in exchange, nor when soybean exports might resume.

Chinese state-run firms China Grain Reserves Corp (中國儲蓄糧管理總公司) and China National Cereals, Oils and Foodstuffs Corp (中糧集團) bought the soybeans, one European trader said.

China started canceling USA soybean orders and added a 25% tariffs, which cut imports of US soybeans by 80%.

The talks began after Trump met with Chinese leader Xi Jinping in Buenos Aires on December 1.

In May, after talks in Washington, the USA agreed to hold off on tariff threats, while China said it would reduce the import duty on foreign cars from 25% to 15%.

This month in Argentina, U.S. President Donald Trump and Chinese President Xi Jinping agreed to a truce that delayed the planned January 1 U.S. increase of tariffs to 25 per cent from 10 per cent on $200 billion USA worth of Chinese goods. China's decision came amid a period of heightening tensions between the USA and China over trade and intellectual property issues.

Also, Trump said he would intervene in a case against a top executive at Huawei Technologies if it would help secure a trade deal. While China has been playing down "Made in China 2025" since tensions flared, it has been pushing ahead undaunted with its state-driven industrial policies, Lighthizer's office said in a report last month.

China reportedly bought more than 500,000 tons of USA soybeans, worth around $US180 million.



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