China could remove the extra tariffs imposed on U.S. farm products last year in order to ease the way for importers to buy up to $50 billion worth of goods, according to Reuters.
At the same time, Bloomberg is reporting that China doubts a “long-term trade deal” is possible with U.S. President Donald Trump.
Earlier this month, Trump said China had pledged to spend between $40 billion and $50 billion on U.S. agricultural products annually as part of a deal to end the trade war.
China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60% of total deal, after APEC in Chile was canceled do to unrelated circumstances. The new location will be announced soon. President Xi and President Trump will do signing!
— Donald J. Trump (@realDonaldTrump) October 31, 2019
It has been reported Beijing has stepped up buying of American soybeans and offered to boost annual purchases of soybeans from 20 to 30 million tonnes. The extra purchases would be equivalent to about $3.25 billion in orders at current rates.
Report: China Wants Tariff Rollbacks As Part Of Initial Trade Deal
Report: US To Give More Time On Tariffs For Some Chinese Products
See more from Benzinga
- Report: China Wants Tariff Rollbacks As Part Of Initial Trade Deal
- Report: China Wants More Talks Before Signing Trump's Phase 1 Trade Deal
- In Campaign Shift, Joe Biden Calls For Trump's Impeachment
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.