White House delays new farm aid payments on China trade deal hopes

White House delays new farm aid payments on China trade deal hopes

Reuters, citing two U.S. commodity traders, reported that state-owned firms bought more than 500,000 tons of soybeans worth roughly $US180 million on Wednesday.

Progress toward easing the steep tariffs China imposed on USA vehicle imports this year lifted carmaker stocks across the globe, as investors wagered on a thawing of tensions that have damaged the world's biggest automotive market.

"I've heard rumors that they're going to buy our beans and put them in reserve, but I don't see ships sitting in our ports to haul them to China yet", said John Heisdorffer, an Iowa soybean grower and chairman of the American Soybean Association, on Wednesday. "They are starting, just starting now", Trump said in an Oval Office interview with Reuters.

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.

The sources said the White House was delaying its approval mainly on hopes China will soon resume purchases of soybeans, something that has raised questions over what extent of aid will be necessary. "Watch for some important announcements!" he added. That's piled pressure on companies that have relied on the country for growth amid declining sales in the U.S.

Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer held a tele-conference with Chinese Vice Premier Liu He Monday night, The Wall Street Journal reported.

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"The shipments, mainly from the Pacific Northwest, will help reduce stockpile pressures for US soybean farmers", said Li Qiang, chief analyst with Shanghai JC Intelligence Co.

Toyota Motor Corp. and Hyundai Motor Co. tracked earlier gains for Daimler AG, General Motors Co. and Tesla Inc. after Bloomberg News reported that a proposal to eliminate the 25 percent surcharge slapped onto US -made cars this year has been submitted to China's cabinet.

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

Trump also said he would intervene in the Justice Department's case against a top executive at China's Huawei Technologies [HWT.UL] if it would serve national security interests or help close a trade deal. This will also put tariffs on U.S. automobiles in line with auto imports from other countries.

US stocks were up one per cent on Wednesday (Dec 12), though well below their session highs, as investors were hopeful about US-China trade relations after the latest comments from both sides and eyed some reassuring signs in British politics. "If it's necessary, I'll have another meeting with President Xi, who I like a lot and get along with very well".

Trump did not offer any timetable for further face-to-face meetings among United States and Chinese officials, Reuters said.

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