Libby Cantrill (Pimco) | We’ve seen a significant reduction or even outright elimination of many of the downside risks that have created clouds of uncertainty both in Washington and in financial markets over the past several months. The most substantial clarifying event was the announcement of the Phase 1 deal between China and the U.S.
In response to the US tariffs on Chinese exports worth USD 50 billion, it threatened to impose levies of 25% on a range of US goods worth about the same amount, including soybeans. The US is one of two world’s largest sellers of soybeans, together with Brazil. China is the world’s dominant buyer, accounting for more than 60% of all imports