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Yahoo
13 minutes ago
- Yahoo
Trump hopes China will quickly quadruple its US soybean orders
By Ella Cao, Lewis Jackson and Chandni Shah (Reuters) -U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," Trump said on Truth Social. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60% of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at $10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on U.S. soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
15 minutes ago
- Business Insider
Mark Cuban says the US has got to keep investing in research if it wants to have a chance of beating China at AI
"Shark Tank" star Mark Cuban says the US can beat China at AI if it continues "investing in research of all kinds as a country." "The IP we create domestically is what the frontier models can buy or invest in to define their differentiation and advance forward," Cuban wrote on X in response to a post by David Sacks, the White House's AI and crypto czar, on the state of the AI race. When asked about his X post, Cuban told Business Insider that American research is "important, not just because of the outcome of the research itself, but its value to American frontier AI models" like ChatGPT and Gemini. Cuban said that any unique intellectual property produced can be "licensed to the models, for a fee, to be included in their training." This would not only offset research costs but also make the models more valuable, he added. "The quality and depth of the research we do in this country can help us stay ahead of China and other countries in the AI race," Cuban told Business Insider. "We need our Ph.D.s, our scientists, our experts, to stay here and contribute to society, and their IP to make American AI models the global leaders," he added. Since taking office in January, President Donald Trump's administration has been culling research grants for universities and research institutions like the National Institutes of Health (NIH). Please help BI improve our Business, Tech, and Innovation coverage by sharing a bit about your role — it will help us tailor content that matters most to people like you. What is your job title? (1 of 2) Entry level position Project manager Management Senior management Executive management Student Self-employed Retired Other Continue By providing this information, you agree that Business Insider may use this data to improve your site experience and for targeted advertising. By continuing you agree that you accept the Terms of Service and Privacy Policy . Researchers and scientists told Business Insider's Ayelet Sheffey in April that the cuts could stifle innovation and result in brain drain. "It absolutely endangers the United States' position as the global leader in medical research. And for that, we will pay," Peter Lurie, a recipient of an NIH grant terminated in March, told Sheffey. Staying ahead in the AI race has been a primary focus for the Trump administration, which unveiled its " AI Action Plan" last month. The 28-page plan calls for a light-touch approach to AI regulation compared to Trump's predecessor, President Joe Biden. In January, Chinese AI startup DeepSeek shocked the world with its high-performing but relatively cheap AI models. Trump said he viewed DeepSeek's accomplishment "as a positive, as an asset" for America. "The release of DeepSeek, AI from a Chinese company, should be a wake-up call for our industries that we need to be laser-focused on competing to win," Trump told GOP lawmakers in January.
CBS News
15 minutes ago
- CBS News
Sacramento city leaders to consider sending letter of opposition over Natomas development plans
A Sacramento housing clash is pitting the city council against the board of supervisors over a massive Natomas development. A city hall formal letter of opposition could stop supervisors from approving the plans. "So it's unusual for the city of Sacramento to oppose a county of Sacramento project," Sacramento Councilmember Karina Talamantes said. Talamantes supports the unusual move to send the letter to the county to stop a massive housing development called the Upper Westside Plan. "Housing is not the issue for me, for me it's the communication, or lack thereof, communication to the residents in Natomas," Talamantes said. Talamantes said the county is breaking a Natomas joint vision agreement with the city that called on the county to preserve the space and leave the city to develop it. The Upper Westside Plan between El Centro Road and the Sacramento River would include more than 9,000 housing units, three elementary schools and a high school, and be home to 25,000 new residents. Josh Harmatz lives along the Garden Highway and is concerned that all the new homes and businesses will triple the traffic on this narrow two-lane levee road. "There's just no room and there's no shoulder for this amount of traffic," Harmatz said. Project supporters say the development will create much-needed housing for the Sacramento region. Now, the city of Sacramento, awarded a pro-housing designation from the state, is preparing a formal opposition to this housing plan. "That will be to be determined," Talamantes said when asked what impact the letter of opposition would have. "But the city and county working together is the best thing that can happen for the residents of Sacramento." The city council will vote on sending that letter of opposition this week. The board of supervisors is set to vote on that development on Aug. 20.
