U.S. soybeans extend gains amid continued trade optimism

U.S. soybeans extend gains amid continued trade optimism

"Watch for some important announcements!" which many presumed to be related to China's agreement to lower tariffs on USA automobiles, reports CNBC.

The tariff reduction benefits Daimler and BMW more than USA automakers such as General Motors or Ford Motor Co.

There are finally signs of concrete moves from Beijing to back up claims from the Trump administration that China has agreed to lower tariffs on cars made in the US.

The two sides have exchange punitive tariffs on hundreds of billions of dollars in trade, and prior to the ceasefire Washington had been poised to more than double the rate on $200 billion in Chinese goods starting January 1.

Both Ford (F) and General Motors have joint ventures set up in China and manufacture cars there for that market.

China's tariffs on U.S. soybeans had caused exports to dive and wrecked many American farmers.

China and the United States discussed the road map for the next stage of their trade talks on Tuesday, during a telephone call between Vice Premier Liu He and U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

The news also comes after reports that Beijing plans to drop its Made in China 2025 plan, a medium-term strategy for economic dominance. The strategy is core to China's aim to transform itself into a global superpower by 2050, and rival USA dominance in sectors such as semiconductors, robotics, aerospace, clean-energy cars and artificial intelligence.

"Now we are seeing the possibility that China will come through with reductions of tariffs on U.S. autos and that's another good, concrete step".

USA soybean farmers had long seen China as a favorite destination-for their crops.

According to President Trump, he won concessions from the Chinese President Xi Jinping when they met in Buenos Aires at the G20 Summit in the first week of December.

The purchases represent a major gesture by China toward easing tensions between the world's two largest economies.

Trump also said he believes China will soon cut tariffs on USA autos to 15 percent from the current 40 percent level.

However, Craft says, her government insisted on inserting a new provision into the U.S. -Mexico-Canada Agreement to strengthen the continent's economy against China's.

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.

The US has a long list of complaints against China on intellectual property, forced technology transfers and industrial subsidies.

Commodities traders and analysts said soybean prices may struggle to build on Wednesday's gains unless China buys considerably more soybeans.

Trump in late May had announced tariffs on steel and aluminum imports, prompting retaliation from top trading partners like China that spilled into agriculture markets.

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