Over the weekend President Donald Trump and Chinese President Xi Jingping agreed to a trade truce. The stories outlined below will help you feel up to speed on what this agreement means for American farmers. Spoiler alert: there are still many unknowns with regard to tariffs and soybean shipments.
Presidents Xi and Trump Agree to Tariff Truce, Chinese Media Says U.S. President Donald Trump and Chinese President Xi Jinping agreed to keep their trade war from escalating with a promise to temporarily halt the imposition of new tariffs. Read more here.
White House: China To Buy 'Substantial Amount' of U.S. Ag Products The Chinese agreed to buy a "not yet agreed upon, but very substantial amount of agricultural, energy, industrial" and other products from the United States to reduce America's huge trade deficit with China. Read more here.
Initial Chinese Tariffs Could Become Permanent Despite Trade Truce Analysts point out that the tariffs are still in place and could become permanent despite this twist in the trade trauma. Read more here.
China’s Offer to U.S. Could be Valued at $1.2 Trillion, Impacting Ag The cease-fire of an escalating trade dispute between the U.S. and China is igniting hopes of a possible de-escalation drove markets to start of the week, despite retaliatory tariffs still being in place. Read more here.
Lighthizer to Oversee U.S.-China Trade Talks, Navarro Says U.S. Trade Representative Robert Lighthizer will be in charge of 90 days of fast negotiations with Chinese officials on settling trade disputes, White House economic adviser Peter Navarro said. Read more here.
Soybeans Boosted by China Tariff Truce, But for How Long? Futures prices on soybeans were up 15 cents as trading resumed Sunday evening following the cooling of the tariff war between the U.S. and China. But how long will that rally last? Read more here.
Second Round of MFP Payments Announcement Still Expected This Week Despite the trade truce, Washington insiders believe the announcement will still come out this week. USDA Secretary Sonny Perdue is speaking Monday in Chicago, so that news could hit as early as Monday. Read more here.