The Dow Jones Industrial Average and the S&P 500 both hit all-time highs Wednesday, despite a mid-afternoon sag as a result of reports that trade talks with China hit another stumbling block.
While the White House declined to comment, several news outlets reported that trade talks between the U.S. and China hit a wall over farm purchase. The Trump administration has been touting a limited trade deal since last month. But in recent days, optimism has sagged within the farming sector.
China is the world's largest importer of soybeans and bought $12 billion worth of the crop from the U.S. in 2017.
After President Trump announced the promise of a "phase one" deal last month saying China would buy $40 billion to $50 billion worth of U.S. agricultural products.
China has bought 20 million tons of U.S. soybeans and 700,000 tons of pork this year, according to China's deputy director of the Foreign Ministry, Geng Shuang. China imported about 33 million tons of American soybeans annually before the tariff fight and collapsed to 16.6 million tons last year.