Soybeans Lead Gains in Agriculture on U.S.-China Trade Truce

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As part of his Twitter storm today, the U.S. president called himself "Tariff Man" and then proceeded to demonstrate his lack of basic understanding about how tariffs work, seemingly ignorant of the fact that tariffs are in effect a tax paid by domestic consumers, not foreign countries.

The editor in chief of The Daily Wire played "Free Market Avenger" to "Tariff Man" on Tuesday after the president's trade-war rhetoric with China shook the stock market. Those have included pledges to "remove or reduce" auto tariffs on United States vehicle makers and purchases of agricultural products.

Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on USA companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.

The sources said the Chinese were surprised by the decision, having dealt mainly with Treasury Secretary Steven Mnuchin on trade issues in the past.

The two leaders said they would hold off on imposing additional tariffs for 90 days starting December 1 while they seek a solution to their beefs over trade.

It's not clear. In its statement announcing the deal, the White House said China agreed to purchase a "not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product", and will start buying "agricultural product" from American farmers immediately.

At the G20 Summit in Argentina last weekend, . the two leaders agreed to a temporary truce, . with President Trump agreeing to maintain 10-percent tariffs on 200-billion dollars worth of Chinese goods, and not raise them to 25-percent.

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Referring to himself as a "Tariff Man", Trump issued a series of tweets that only further deepened the murkiness surrounding the trade truce that the two leaders said they had reached Saturday evening on the sidelines of the Group of 20 meeting.

Despite Mnuchin's earlier comments on President Trump leading trade negotiations with China, . "It will always be the best way to max out our economic power". The development signals the most prominent gain since summer 2005, when China stripped its currency of domestic limitations and placed it into a more flexible, but volatile, foreign exchange domain.

Trump's aggressive trade actions left in their wake a farm industry suffering from China's retaliation, hitting soybeans especially hard, and a business sector fraught with uncertainty, facing higher costs and holding off on investment.

Global stocks slumped on Tuesday (Dec 4) as investors grew sceptical that the U.S. and China made a meaningful breakthrough on Saturday.

At his political rallies and news conferences, Trump often praises the increase in USA military spending during his almost two years in the White House. "President Trump's economically illiterate trade commentary won't help - and is driving American allies to ramp up their own trade barriers to retaliate". "Bob Lighthizer will be working closely with Steve Mnuchin, Larry Kudlow, Wilbur Ross and Peter Navarro. on seeing whether or not a REAL deal with China is actually possible", Trump wrote in part of a four-tweet message.

Confusion has also arisen over when the agreed 90 day period for negotiations will kick in, with some saying it begins now, others claiming it's January.