China makes big United States soybean purchase


"The problem is it's so late in the season for the U.S.", Friedrichs said.

Shares of automakers including Daimler, Ford and Tesla rallied on the headline.

The back-and-forth is the latest in a trade tow triggered by USA claims that China engages in "unfair" trade practices, such as theft of intellectual property.

Trump agreed to leave tariffs on $200 billion worth of Chinese imports at 10 percent at the beginning of the new year rather than raise them to 25 percent as previously planned.

Chinese auto dealers also perked up their shares, hoping that the temporary US-China treaty will help improve the domestic market.

But China has been out of the market since Beijing imposed a tariff on USA soy imports in July, pushing prices of the oilseed to decade-lows.

Traders have been watching closely for signs of confirmation of a resumption of Chinese buying of US soybeans, particularly after Trump tweeted on Tuesday morning that "very productive conversations" were going on with China. 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.

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.

Geminids Meteor Shower: Don't Miss This Spectacular Cosmic Show Tonight
Each year, the holiday season brings with it the brightest meteor shower of the year, known as the Geminids. As such, 2018 should be the best year ever to watch the Geminids if the weather is clear where you are.

Trump told Reuters in an interview on Tuesday that China was buying a "tremendous amount" of usa soybeans and would also soon cut tariffs on us autos. "However this approach is making China think twice about their hard stance", said Ernesto Ramos, Managing Director of Active equities for BMO Global Asset Management in Chicago.

The world's two largest economies are finally playing nice, starting first with soybeans.

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 United States government said Xi made when the two leaders met on December 1 and agreed to a 90-day detente to negotiate a trade deal.

U.S. Treasury yields advanced in tandem with Wall Street's gains after U.S. President Donald Trump said trade talks with China were progressing with discussions under way by telephone and more meetings likely among officials of both countries.

Growing concerns that the trade war will increasingly hurt corporate earnings and the us economy are a key reason why USA stock prices have been sinking this fall.

Over the next three months, U.S. and China will negotiate over structural changes of China's policies on other USA products like intellectual property protection, cyber intrusions and theft, services, technology, agriculture, and non-tariff items.

Also, Trump said he would intervene in a case against a top executive at Huawei Technologies if it would help secure a trade deal.

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