Beijing and the Association of Southeast Asian Nations have signed an expanded free trade agreement as both sides face increased protectionism from the United States

Soybean prices reached a 15-month high Tuesday as the commodity, which makes up the U.S.’ largest agricultural export, is embroiled in the trade war between the U.S. and China that’s affecting American farmers. Soybean prices have risen more than 11% since July last year as the crop has become a major tool in U.S.-China trade negotiations.

South Korea aims to deepen cooperation with the United States, stabilise supply chains with China, and diversify its trading partners to navigate global challenges, its top trade envoy said as the country hosts Asia-Pacific leaders for a trade forum.

Treasury Secretary Scott Bessent offered rough outlines of an agreement that include China easing rare earth export restrictions and buying “significant” amounts of U.S. soybeans in exchange for President Donald Trump removing his threat of adding 100% tariffs on China.

Soybean futures rose 1% at the open on Monday after Treasury Secretary Scott Bessent flagged that the US and China were close to a trade deal which could include “substantial” purchases of the crop.

Global stocks rallied on Monday to a fresh intraday record while the dollar eased on optimism that a potential trade deal was on the horizon between China and the U., as investors awaited a slew of central bank policy announcements and earnings from several megacap companies.