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The tariff hikes, expected for imports including cars, textiles and plastics, aim to shelter domestic manufacturers from Chinese competition, according to people briefed on the matter.

Ties between the Asian neighbors deteriorated after a bloody border skirmish five years ago, but relations have recently been on the mend.

The deal covers 43 of CK Hutchison’s ports, including two in the strategic Panama Canal. 

Applied Materials plunged in late trading after giving a disappointing sales and profit forecast, renewing concerns that the U.S. trade dispute with China is weighing on demand.

Soybean futures fell as concerns over sluggish demand for U.S. supplies prompted traders to take profits after a three-day winning streak.

The Panama Canal is planning to enter the ports business with a tender for two terminals, a move that comes amid a high-profile clash between the U.S. and China over the waterway.

President Donald Trump on Aug. 11 extended a tariff truce with China for another 90 days through Nov. 10, stabilizing trade ties between the world’s two largest economies.

The lithium mine closure has spurred speculation that Beijing might move to suspend other projects as it tackles overcapacity across the economy.

“I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA,” President Trump wrote on Truth Social.

The Trump administration had frozen the sale of some advanced chips to China earlier this year as trade tensions spiked between the world’s two largest economies.