US President Donald Trump said he will meet with Chinese President Xi Jinping in the next four weeks, with soybeans a key topic of discussion. Trump made the announcement in a post on Truth Social on Wednesday, highlighting the recent decline in Chinese purchases being hit hard by US farmers.
The meeting comes amidst still-strained trade relations. The Trump administration has called the 55% tariffs on Chinese imports a "good status quo" ahead of the November 10 deadline; without a new deal, tariffs could potentially rise significantly higher. Trump also previously hinted at plans to meet with Xi in South Korea next month as part of an effort to break the deadlock on trade and technology issues.
The agricultural sector is in the spotlight as China, the world's largest soybean buyer, has refrained from ordering US soybeans from the fall harvest, instead buying supplies from Argentina following the country's export tax cut. This has depressed prices and incomes for US farmers, so the market will be watching to see whether the Trump-Xi meeting can trigger a revival in US soybean purchases as part of a trade de-escalation.
Source: Newsmaker.id
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