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

China led by President Xi Jinping has been accused of engaging in unfair trade practices

China led by President Xi Jinping has been accused of engaging in unfair trade practices

Vehicle sales in the world's second-biggest economy declined for a sixth consecutive month in November, bringing the market closer to its first annual drop in at least two decades.

China intends to announce this month the first batch of USA soybean purchases where most, if not all, will be destined for state reserves, according to government officials.

Citing industry sources, the USA soybean council said state-owned firms from China are stocking up their purchases in the product, and the shipments are expected to take place before March next year.

President Donald Trump first tweeted that China was prepared to make the move the day after his dinner with his Chinese counterpart, Xi Jinping.

Top officials from the US and China have begun talks to sort out their trade differences, in particular to identify steps that address the concerns of US President Donald Trump on intellectual property and reduce the balance of trade, a media report said.

China is the largest buyer of USA soy, but has purchased little since Beijing slapped steep tariffs on US shipments on July 6 in retaliation for duties on Chinese goods.

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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.

The lack of sales has left U.S. farmers in a rough spot.

The development bodes well for Ford Motor Company and BMW, which export luxury vehicles made from the United States to China.

Dealers said weekly U.S. wheat export sales data, to be issued at 1330 GMT, would be closely watched although trade estimates of net sales of 500,000 to 800,000 tonnes for the 2018/19 season was broadly in line with the prior week's 711,779 tonnes. Also "these shipments can ease China's own shortage of supplies in the first quarter of the year".

Agriculture Secretary Sonny Perdue said on December 3 that OMB was deliberating on a second round of trade aid, and that it could be outlined by the end of that week.

The soybeans are expected to be shipped mostly from grain terminals in the US Pacific Northwest, the most direct route to Asia, the US traders said.

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Trump additionally said he would intercede in the Justice Department's body of evidence against a best official at China's Huawei Technologies in the event that it would serve national security interests or help let the big dog eat.

"This is a start", said Valley City, North Dakota farmer Monte Peterson.

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

Daimler also exports its vehicles from the U.S. to China and it saw its shares go up by 2.7% in trading.

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. Across the Midwest, the 2018 harvest had been piling up, unsold, in silos, bins and bags.

"I think they're looking to do it immediately, very quickly", he said in the interview.

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