Dec 10, 2018 - Economy

China reportedly considers bringing back U.S. soybeans

Soybean tractor

Photo: Mark Wilson/Getty Images

The Chinese government will decide this month whether to purchase 5 million or 8 million tons of U.S. soybeans, signaling a de-escalation of trade tensions following President Trump and President Xi Jinping's meeting at the G20, Bloomberg reports.

Why it matters: Soybeans had become an unlikely political ground zero in Trump's trade war, with sales to China down nearly 90% as a result of retaliatory tariffs. Soybean farmers have pushed the limits of crop storage in the hope that waiting out trade tensions will pay dividends, as Trump has promised.

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