He said he would wait to increase tariffs on Chinese goods to 25 percent from 10 percent until it becomes apparent whether the United States and China can make a deal.
Trump agreed to postpone for 90 days a January 1 increase in tariffs on Chinese goods while the two sides negotiated over increased Chinese purchases of American farm and energy commodities, an end to forced technology transfers and stronger protections for USA intellectual property n China.
The forthcoming statements from the White House, and the expected indictments targeting Chinese agents from the DOJ also coincides with the increasing scrutiny towards Chinese telecom giant Huawei, and the worldwide saga of its Chief Financial Officer, Meng Wanzhou, who was arrested in Canada at the behest of the US government on December 1.
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The U.S. Department of Agriculture in July had authorized up to $12 billion in aid for farmers and ranchers hit by the fall-out from Trump's escalating trade war with China, a major buyer of American agricultural products, and the agency outlined payments for the first half last August. In this way, China would no longer need to rely on foreign technology, as domestic companies strive to become market leaders through the control of standards-reliant patents and technologies. The resumption of USA soybean purchases would provide some relief to farmers, who have seen exports to the world's biggest consumer plummet and domestic inventories pile up.
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China is the largest buyer of USA soy, importing about 60 percent of all US overseas shipments a year ago in deals valued at more than $12 billion. China Automobile Dealers Association's Import Committee Director Wang Cun states that imported cars will benefit from the cancellation of the new tariff levied by China against the US. Also "these shipments can ease China's own shortage of supplies in the first quarter of the year".
"We want to see how many it's going to be and what the timing is, and whether there are going to be follow-up sales", Rich Feltes, vice president for research with Chicago-based brokerage R.J.
Cargill Inc. said earlier this month that the USA has probably already missed the best chance to sell beans to China because of approaching South American harvests.
The companies did not immediately respond to requests for comment.
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.
"China was buying right out of the gate this morning".