Latest news with #President Xi
Times
11-08-2025
- Business
- Times
Trump extends deadline for higher tariffs on China by 90 days
President Trump has extended a deadline for higher tariffs on Chinese goods by 90 days, a White House official said on Monday. Tariffs on China were due to return to triple-digit rates on Tuesday, in a move that threatened to cause turmoil for global supply chains. However, the president has allowed for further negotiations and a potential meeting with China's President Xi after signing an executive order. The order prevents US tariffs on Chinese goods from rising to 145 per cent. An escalation of trade tensions earlier this year rocked global financial markets, as US tariffs on Chinese imports reached 145 per cent in April, and China restricted access to critical materials for US manufacturers. In May, the two sides reached a 90-day truce, under which tariffs on imports from China were lowered to 30 per cent, while China lowered its rate on US imports to 10 per cent and resumed rare earth exports. Last month, top US and Chinese officials met in Stockholm for talks aimed at resolving the trade war between the world's top two economies. Trump said that Scott Bessent, the Treasury secretary, 'felt very good about the meeting'. However, no further breakthroughs or extensions to the tariff deadline were confirmed. Trump says he has a 'very good relationship' with China's President Xi XINHUA/ALAMY On Monday, Trump told a press conference: 'They've been dealing quite nicely. The relationship is very good with President Xi and myself.' • Can China outmuscle Trump to become the world's superpower? The president pushed for additional concessions on Sunday, urging China to quadruple its soybean purchases. However, analysts questioned the feasibility of any such deal. Trump did not repeat the demand on Monday. Washington has also been pressing Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China. Ryan Majerus, partner in the international trade team at King & Spalding and a former US trade official, said the 90-day extension 'will undoubtedly lower anxiety on both sides as talks continue, and as the US and China work toward a framework deal in the fall'. He added: 'I'm certain investment commitments will factor into any potential deal, and the extension gives them more time to try and work through some of the longstanding trade concerns.' Trump also said on Monday that he would not impose tariffs on gold, ending days of speculation that the metal could be caught up in the global trade war. US Customs and Border Protection had posted a ruling on its website on Friday saying that Washington could place the most widely traded gold bullion bars in the US under country-specific import tariffs.
Free Malaysia Today
11-08-2025
- Business
- Free Malaysia Today
Trump hopes China will quickly quadruple its US soybean orders
A tariff truce between Beijing and Washington is set to expire on Aug 12, but the Trump administration has hinted that the deadline may be extended. (AP pic) WASHINGTON : US President Donald Trump said yesterday that he hoped China would quadruple its soybean orders from the US, 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 US. 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 Aug 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 US. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at US$10.08 a bushel at 4.46am, having been little changed before Trump's post. China imported roughly 105 million metric tonnes of soybeans last year, just under a quarter coming from the US and most of the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the US. 'It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US,' Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more US 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 US 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 US 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 US beans, fuelling concerns as the US harvest export season approaches. 'On Beijing's side, there have been quite a few signals that China is prepared to forego US 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. US soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tonnes of soybeans from the US, and 74.65 million tonnes from Brazil.
Malay Mail
11-08-2025
- Business
- Malay Mail
Soybean diplomacy: Trump tells China to boost US bean imports fourfold
WASHINGTON, Aug 11 — US President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the US, 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 per cent 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) Sv1 was up 2.13 per cent at US$10.08 a bushel at 0446 GMT (12.46pm Malaysian time), 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 US and most of the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the US. 'It's highly unlikely that China would ever buy four times its usual volume of soybeans from the US,' Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more US 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 US 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 US 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 US beans, fuelling concerns as the US harvest export season approaches. 'On Beijing's side, there have been quite a few signals that China is prepared to forego US 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. US 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 US, and 74.65 million tons from Brazil. — Reuters
Yahoo
11-08-2025
- Business
- 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.
Yahoo
11-08-2025
- Business
- 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
