Trump Tariffs Have Africa Scrambling to Protect Vital Exports
Cyril Ramaphosa, president of South Africa which now faces the continent's joint-highest levy of 30% on exports to the US, is scaling up foreign trade missions and crafting measures to help hard-hit sectors like automobiles and citrus farmers.
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Yahoo
12 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
Yahoo
32 minutes ago
- Yahoo
Indian alloy steel producers file anti-dumping plea against Chinese steel, executive says
NEW DELHI (Reuters) -The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Monday. India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors. "China is selling wire rods of alloy steel at very low prices, and imports have gone up considerably in the last three years, hurting the local alloy steel producers," said Anil Dhawan, director general, Alloy Steel Producers Association of India (ASPA). Alloy steel wire rods are mainly used for automobiles and their components, Dhawan said. Dhawan said the anti-dumping petition was filed on July 31 with the Directorate General of Trade Remedies, which falls under the Ministry of Commerce and Industry. The ASPA's members include JSW Steel, India's biggest steelmaker, as well as Jindal Steel, Kalyani Steels, and Mukand Sumi Special Steel, among others. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
Bloomberg
40 minutes ago
- Bloomberg
Trump Urges China to Buy More Soybeans as Truce Deadline Looms
US President Donald Trump said he hoped China massively stepped up its purchases of American soybeans — comments that come a day before a trade truce expires. 'China is worried about its shortage of soybeans,' Trump wrote on the Truth Social website on Monday. 'I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA.'
