Farming

China to suspend tariff hikes against U.S. pork and soybeans

Illustration of George Washington and Mao Zedong glaring at each other
Illustration: Rebecca Zisser/Axios

China is expected to suspend tariff hikes against American pork, soybeans and other agricultural goods ahead of trade talks between the 2 countries, per Chinese state-run media.

Why it matters: This follows President Trump's announcement earlier this week that the U.S. would delay the increase on existing tariffs on $250 billion worth of Chinese goods in an attempt to calm trade tensions. The moves may mean both sides could soon be ready to talk about "the prolonged dispute that is threatening global economic growth," writes AP.

Billionaires are buying up America's ranches

A Montana Ranch near Yellowstone National Park
Photo: Ed Freeman/Getty Images

American billionaires are buying large ranches across Wyoming, Montana and Texas, creating a new class of luxury assets, writes Bloomberg.

Why it matters: The wealthy are often buying the land from "asset-rich, cash poor" small farmers whose families have owned the land for decades. The purchases put money in the farmers' pockets as many struggle with tough times, but are shifting the structure of land ownership in the American West.