China will suspend retaliatory tariffs on U.S. imports, including duties on farm goods, after last week’s meeting of the two countries’ leaders, Beijing confirmed on Wednesday, but imports of U.S. soybeans still face a 13 per cent tariff.
China’s most active Zhengzhou rapeseed (canola) meal futures posted their largest daily gain in nearly three months on Monday, after Canadian Prime Minister Mark Carney and Chinese President Xi Jinping met in South Korea last week without securing a breakthrough on tariffs.
Prime Minister Mark Carney agreed to visit China after meeting with President Xi Jinping on Friday, in an encounter that may have marked a turning point but offered no breakthroughs on trade.
Prime Minister Mark Carney will meet with Chinese President Xi Jinping on Friday afternoon in South Korea, the prime minister’s office said on Thursday.
China’s state-owned COFCO bought three U.S. soybean cargoes, two trade sources said, the country’s first purchases from this year’s U.S. harvest, shortly before a summit of leaders Donald Trump and Xi Jinping.
Canada’s Prime Minister Mark Carney embarks on his first official visit to Asia on Friday in an attempt to deepen trade and security ties at a time when the North American country is struggling to lessen its overwhelming dependence on the U.S. and redefine its foreign policy in pursuit of new markets.
U.S. President Donald Trump intensified his criticism of Canada on Friday after terminating trade talks over a Canadian political advertisement that used Republican icon Ronald Reagan saying tariffs cause trade wars and economic disaster.