from ZeroHedge:
The Trump-Xi trade agreement cooled the tit-for-tat trade war between Washington and Beijing, paving the way for a more stable phase of negotiations. Both sides have made notable concessions: China curbed exports of fentanyl precursor chemicals, and the two countries agreed to suspend reciprocal port fees.
Beijing also launched a flurry of “goodwill” soybean purchases following the summit, but those imports have since stalled, Bloomberg reported. This development casts uncertainty over the trade deal and raises questions about whether it will hold through the end of the year.
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Following an initial surge of Chinese buying late last month, agricultural traders told Bloomberg that new orders have abruptly stopped, raising doubts about Beijing’s commitment to the 12 million-ton target set by the Trump administration for the end of the year and the 25 million tons annually thereafter.
“Within the industry, many view the reported commitment by China to purchase 12 million tons of US soybeans to be more of a diplomatic gesture than a firm trade deal,” said Kang Wei Cheang, an agricultural broker at StoneX Group in Singapore.
