Shipments fell because of the high tariffs China has imposed on U.S. imports and as previously harvested U.S. supplies, known as old-crop beans, have already been traded. China is the world’s biggest soybean importer.

President Trump’s tariff leverage over China faces new strain as Beijing’s economy posts stronger than expected growth and diversifies exports.

President Trump moved to ease tensions with China on Sunday after threatening to impose a sweeping 100% tariff on all its imports in retaliation for Beijing’s new export controls.

China’s soybean imports hit a record high for the month of September, even as the country avoids US supplies amid a resurgence in trade tensions between the agriculture powerhouses.'

In response, Trump admitted that a 157 percent tax on Chinese imports is “not sustainable” before conceding that such a tax rate is “where the number is” at this point. “It is probably, could stand — but they forced me to do that,” he added.

Higher business uncertainty in the U.S. is also pushing gold prices up,” according to Apollo chief economist Torsten Slok.

BANGKOK (AP) — China did not back down Monday in a back-and-forth with the U.S. over trade, calling for U.S. President Donald Trump to withdraw his latest threat of a 100% tariff and other export control measures announced over the weekend.

Analysts are looking to Treasury Secretary Scott Bessent’s planned meeting with Vice Premier He Lifeng in Malaysia this week for assurances that a leader-level meeting is still on track and to keep tariffs from hitting triple-digit levels in November.