Soyoil Jumps on Bets US Tariffs to Include Chinese Cooking Oil

Soybean oil futures surged by the most since July as traders bet that Chinese used cooking oil may be included on the list of tariffs expected to be announced by the US.

The Biden administration is set to raise tariffs on goods produced in China such as electric vehicles as early as next week, Bloomberg reported Friday, citing people familiar with the matter. The full scope of the incoming tariffs — including rates and the total list of sectors that will be impacted — is not clear. The White House declined to comment.