Chinese Imports of U.S. Soybeans Surge in November

Chinese Imports of U.S. Soybeans Surge in November

China had stopped importing soybeans after President Donald Trump raised import duties on Chinese goods.

CHINESE IMPORTS OF American soybeans surged last month after an interim trade deal between the two countries was announced.

Imports of U.S. soybeans rose 53.7% over a year to 5.4 million tons, customs data showed, and they doubled from October to 2.6 million tons, the Associated Press reported.

China stopped buying U.S. soybeans, the country’s biggest import from America, after President Donald Trump raised import duties on Chinese goods during a disagreement over that country’s trade surplus.

The governments of both countries announced Phase 1 of a trade agreement in October but haven’t released details. U.S. officials said that part of the deal includes China buying more American farm exports. Chinese officials haven’t confirmed the details.

It’s speculated that the deal could be signed as early as next month.

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