Exclusive: Trump says China ‘back in the market’ for U.S. soybeans

(Reuters) – President Donald Trump said on Tuesday that China was buying a “tremendous amount” of U.S. soybeans and that trade talks with Beijing were already under way by telephone, with more meetings likely among U.S. and Chinese officials.

Trump told Reuters in an interview that the Chinese government was “back in the market” to buy soybeans after a Dec. 1 truce in the U.S.-China trade war.

But traders in Chicago said they have seen no evidence of a resumption of such purchases following China’s imposition of a 25 percent tariff on U.S. soybeans in July.

“I just heard today that they’re buying tremendous amounts of soybeans. They are starting, just starting now,” Trump said in the interview.

Trump also said he believes China will soon cut tariffs on U.S. autos to 15 percent from the current 40 percent level.