President Donald Trump said China will buy large amounts of U.S. agriculture goods.
His remarks arose because of his choice to stop China’s $250 billion increase in tariffs on Chinese products from Oct. 1 to Oct. 15 as a “sign of excellent will.” Therefore, China will import agriculture goods from the U.S.
China’s Ministry of Commerce announced Thursday that Chinese companies have asked for rates of American agriculture products, including soya beans and pork. The nation stopped buying in August, when Trump suddenly put an end to the ceasefire. China’s purchase of agriculture was a sticking point in the trade fight, as Trump constantly accused China of doing not deliver on its commitment.
“Now as far as agriculture is concerned, we expect it and we want it to purchase agriculture; we see it as a personal attack on our peasants,” said Treasury Secretary Steven Mnuchin on CNBC’s Squawk Box Thursday. “They need our agriculture,” he said. It’s not just about buying them soya beans, but we want to sell them soya beans, “he said.
They will hold a meeting.
The two countries agreed to meet in Washington at the beginning of October and to hold ad hoc discussions leading up to a meeting to lay the groundwork. Some insiders and commentators predict this round of negotiations to lead to a breakthrough.
China’s Vice-Prime Minister Liu He, the nation’s top trade negotiator, said Thursday that the ad hoc discussions next week will address problems including trade balance, market access and investor protection, according to China’s state-run media, Xinhua.
Mnuchin also said that CNBC Trump could make a trade pact with China at any moment, but expects a “healthy” agreement for U.S. employees. Trump’s remarks arose after his choice to stop China’s $250 billion increase in tariffs on Chinese products from Oct. 1 to Oct. 15 as a “sign of excellent will.”