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China to buy more US farm products in latest goodwill gesture as Donald Trump rules out ‘bad deal’
- Purchases will include soybeans and pork after last week the US excluded hundreds of products from a 25 per cent duty imposed on US$250 billion worth of goods
- The US president seemed to further rule out thoughts of a ‘partial’ deal in a speech at the United Nations General Assembly in New York on Tuesday
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China will support purchases of more US farm products, including soybeans and pork, by offering exemptions from additional tariffs as a goodwill gesture ahead of high-level trade talks set to take place in Washington at the start of next month, according to the official Xinhua News Agency.
The additional purchase plan is in response to the decision by the United States last week to exclude hundreds of products, including Christmas tree lights, a series of pet supplies and plastic drinking straws, from a 25 per cent duty US President Donald Trump had imposed on US$250 billion worth of Chinese goods.
The brief Xinhua statement, citing China’s Ministry of Commerce and the National Development and Reform Commission, suggests that China will decide on ad hoc basis over how many orders it will place and whether they will be exempt from tariffs.
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According to data from the US Department of Agriculture, private exporters reported combined sales of 720,000 tonnes of soybeans to China on September 13, 16 and 17.
China has been trying to use increased purchases of US farm products as a key bargaining chip to facilitate a trade deal with the US, but Trump said he will not accept a “partial” deal.
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