China Buys 1.13M Tons of U.S. Soybeans as Trade Tensions Ease
The U.S. Department of Agriculture (USDA) has confirmed that soybean purchases totaling 1.13 million tons are being shipped via private U.S. exporters to China.
Last year China was responsible for buying 60 percent of the U.S.’s soybean exports at a value exceeding $12 billion. However, as trade disagreements between China and the U.S. gained momentum this year, China enacted tariffs on U.S. shipments on July 6 that saw all but a virtual halt to soybean trade between the two countries.
These are the first significant U.S. soybean orders from China in the past six months, and the first since a temporary truce was called between the two countries. On December 1 President Trump and China’s president Xi Jinping agreed to a 90-day detente after repeated attempts at coming to an agreement that would end the ongoing trade war.