Taiwan steps into trade war breach for US, saying it will buy US$3.6 billion agricultural products – SCMP

Anil Panchal FXStreet

Early during Thursday, China’s South China Morning Post (SCMP) released a news story conveying the fact that Taiwan has announced plans to buy US$3.6 billion worth of American farm products, including soybeans, corn, wheat and meat products.

The news report further mentioned that during a trade mission led by Chen Junne-Jih, Taiwan's deputy minister of agriculture, a letter of intent would be signed next week with US grain and meat exporters.

FX implications

With the US and Chinese authorities clamping up to recede global trade tensions, such news can help strengthen markets’ risk-on sentiment, which in turn could negatively affect the Japanese Yen (JPY) and Gold.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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