China's imports of US soybeans surges following trade deal
China’s imports of soybeans from the U.S. reportedly increased last month following the announcement that “phase one” of a trade deal had been reached between the two nations after a months-long stand-off.
Chinese imports of soybeans more than doubled from the previous month to 2.6 million tons, The Associated Press reported Thursday citing AWeb.com, a news website that serves the Chinese farming industry.
China had cut off purchases of U.S. soybeans after President Trump raised tariffs on Chinese goods.
Washington and Beijing announced earlier this month that a “phase one” trade deal had been negotiated, but the details of the deal have yet to be released.
Trump said last week that he had spoken with Chinese President Xi Jinping and that a formal signing of the deal is “being arranged.”
Officials said the deal involves lifting some U.S. tariffs on China and said Beijing has agreed to purchase more agricultural products from the U.S.