China may remove tariffs on U.S. agricultural products, including soybeans, according to reports from Reuters and Dow Jones.
Soybeans futures jumped the reports, with futures for July delivery trading $19.75 higher at $1,023 per 5,000 bushels.
China announced a 25 percent charge on 106 U.S. products early last month. These products included soybeans, cars and whiskey. The move by China followed President Donald Trump unveiling a list of Chinese imports he aimed at cracking down on.
Tension between the two largest economies in the world rose as both countries dug their heels in on trade matters. However, that tension appeared to thaw slightly on Sunday, when Trump said he would help ZTE “get back into business, fast.”
U.S. stocks rose Monday on the back of Trump’s tweet, as investor fears of an impending trade war with China decreased.