China will allow the import of soymeal livestock feed from Argentina for the first time under a deal announced by Buenos Aires on Tuesday, an agreement that will link the world's top exporter of the feed with the top global consumer.
Brazilian shares broke a four-day run of gains on Tuesday, mirroring declines in global stocks after weak China data-fueled growth concerns, while currencies were tepid ahead of major central bank policy decisions.
Brazil’s Vice President Hamilton Mourao said on Monday that Chinese President Xi Jinping will visit Brazil in November, as the two nations seek to strengthen political and economic ties at a time of global trade tensions.
China's exports fell by 1.0 per cent on-year in August, official data showed Sunday amid a bruising trade war with the US that has roiled markets in the world's top two economies. The drop comes after a surprise 3.3% rebound in July despite the yearlong battle with Washington and weakening global demand.
Trade policy uncertainty driven by the Trump administration's escalating dispute with China means hundreds of billions of dollars in lost U.S. output and as much as US$850 billion lost globally through early next year, research published this week by the Federal Reserve suggests.
Brazil shipped 4.1 million tons of soybeans to China in August, down 40% year on year, according to the Secretariat of Foreign Trade of Brazil, or Secex. Though Secex didn’t provide any reason for the sharp drop, but trade sources cited rising competition from Argentina and African swine fever among the reasons for the decline.
The area in Brazil to be planted with soybeans in the 2019-20 season, which starts this month, will grow by the slowest pace in 13 years as a global trade war and swine fever in China cloud the outlook for farmers, according to analysts at AgRural.
Amid fresh signs his trade wars are rattling the US economy, President Donald Trump on Tuesday sent stern warnings to China, urging the Pacific power not to drag its feet in trade negotiations.
China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday.
China and the United States began imposing additional tariffs on each other's goods on Sunday, the latest escalation in a bruising trade war, but U.S. President Donald Trump said the sides would still meet for talks later this month.