Trump Praises China Farm Purchases After Delay in Trade Talks
Trump Praises China Farm Purchases After Delay in Trade Talks
(Bloomberg) --
U.S. officials played damage control after trade talks with China were indefinitely delayed over the weekend, with President Donald Trump praising the country’s purchases of American farm goods.
Trump said in an intervew with Fox News that he is having “a very hard time” with China, and the country is trying to make up for it with purchases of items like beef, soybeans and corn. White House trade adviser Peter Navarro later told CNBC that the phase-one trade deal is still on track. Meanwhile U.S. oil exports to China may more than double in September.
Not all trade news boded well for food exporters. Guangzhou halted imports of frozen meat and seafood from coronavirus-hit areas after the virus showed up on Brazilian chicken wings. And China’s Ministry of Commerce announced an anti-dumping investigation into Australian wine.
In metals, top miner BHP Group said it expects China’s steel output to see a slow easing off, instead of an abrupt drop, from record run rates in the first half. China’s copper usage has been boosted by government spending on power infrastructure, housing completions and better-than-expected machinery output.
China Events Today
(Times Beijing unless shown otherwise)
- EARNINGS: Huaneng Power Intl
Today’s Chart
Chinese fuel-makers have been scouring the seas for cheap oil products to blend into diesel to meet recovering demand, as seen by a surge in imports of little-known light cycle oil. South Korean refiners shipped double the monthly average of the low-quality product in July. Interest was aided by a tax loophole exempting it from hefty duties on finished fuels.
| Markets at Midday | |
|---|---|
| Copper +0.5% in Shanghai | Crude -1.5% in Shanghai |
| Nickel unch in Shanghai | Coal +0.3% in Zhengzhou |
| Iron Ore +2.3% in Dalian | Coal +1.1% in Dalian |
| Rebar +0.1% in Shanghai | Soybeans +0.3% in Dalian |
| Rubber -0.3% in Shanghai | Corn +0.7% in Dalian |
On the Wire
- China Hits Australian Wine Imports With Probe as Relations Fray
- BHP Sees Iron Ore Swings as Brazil Takes Years to Normalize (1)
- China’s Aluminum Output to Grow in 2H as Smelters’ Profit Rises: BI
- Most Thermal Coal Exports Losing Money at Current Prices: BHP
- JA Solar Eyes $237 Million Investment in New Production Plants
- U.S.-China Phase One Trade Deal on Track, Navarro Tells CNBC
- Trump Says China Made Largest Order of Corn Last Week
- Chinese City to Halt Frozen Seafood, Meat Imports on Virus Worry
- Trump’s China Trap on Trade Is Biden’s as Well: Supply Lines
- China Hog Inventories Rise Y/y For First Time Since April 2018
- Easing of China Port Congestion Will Add to Tanker Surplus: BNEF
- U.S. Oil Exports to China May More Than Double in Sept.: Vortexa
The Week-Ahead
Wednesday, Aug. 19
- EARNINGS: HKEX, MMG, Cnooc, Yancoal Australia
Thursday, Aug. 20
- China Loan Prime Rates for August, 09:30
- China International Cereals and Oils Industry Summit
- EARNINGS: ENN Energy, China National Nuclear Power, Huadian Power Intl
Friday, Aug. 21
- China International Cereals and Oils Industry Summit, day 2
- EARNINGS: Zijin Mining, Hongqiao
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