Japan might increase the amount of agriculture trade conducted with the U.S. through potential trade deal that was announced by President Trump following a meeting with Japanese Prime Minister Shinzo Abe.
The U.S. will shield a list of allies including Europe, Australia, South Korea, Argentina and Brazil from steel and aluminum tariffs that take effect on Friday, according to U.S. Trade Representative Robert Lighthizer.
The White House announced after the markets closed Thursday that Trump had instructed the Office of the United States Trade Representative to consider whether $100 billion of additional tariffs would be appropriate.
China has been gobbling up the world’s soybeans at breakneck speed over the past decade. But as the trade spat with the U.S. escalates, its imports of the oilseed are set to decline for the first time in 15 years.
Chinese state media on Monday praised a significant dialing back of trade tension with the United States, saying China had stood its ground and the two countries had huge potential for win-win business cooperation.