soybeans

China doubles U.S. soybean imports after "phase one" trade deal announcement

Soybean farm
Photo: Joe Raedle/Getty Images

China imported 2.6 million tons of U.S. soybeans in November — more than double the previous month — after the announcement of its "phase one" trade deal with the U.S. in October, AP reports.

Why it matters: Soybeans are China's largest U.S. import, but the country stopped purchasing them in the midst of a trade war spurred by U.S. tariffs. While specific details surrounding the "phase one" agreement have yet to be released, the portions unveiled earlier this month amount to little more than an agriculture purchase agreement, per Axios' Dan Primack.

Go deeper: China to cut import tariffs on 850 products

Trump administration to offer additional relief to farmers amid trade war

A tractor in the sunlight.
Photo: Ricky Carioti/The Washington Post via Getty Images

The Department of Agriculture will distribute the second round of aid payments for 2019 aimed at buffering the impact of President Trump's trade war with China starting next week, according to a USDA statement.

The state of play: The administration already paid farmers $6.7 billion for production in this year and $8.6 billion last year, per Politico. The earlier payment in 2019 covered half of the farmers' eligible production, and the latest round will cover an additional quarter.