“The White House said that meetings between mid-level delegations will begin in Washington following talks last week in Beijing that U.S. Trade Representative Robert Lighthizer said ‘made headway‘ on key issues.”At week’s end, Bob Davis, Alex Leary and Lingling Wei reported on the front page of Saturday’s Wall Street Journal that, “President Trump, citing progress in U.S.-China trade talks, said he is looking at extending a deadline to raise tariffs and hoping to meet next month with Chinese leader Xi Jinping to complete a broad trade agreement.
One concession cited by the administration is a Chinese pledge to purchase an additional 10 million metric tons of U.S.-grown soybeans.“That quantity would represent nearly one-third of China’s entire U.S. soybean imports in 2017, according to U.S. Department of Agriculture statistics. Agency officials didn’t immediately detail any time frame for China’s newly agreed purchases.”
Sec. Sonny Perdue ✔@SecretarySonnyBREAKING: In Oval Office meeting today, the Chinese committed to buy an additional 10 million metric tons of U.S. soybeans. Hats off to @POTUS for bringing China to the table. Strategy is working. Show of good faith by the Chinese. Also indications of more good news to come.
“‘Frankly the way the Chinese operate, I would not be surprised if they had not already begun to place some orders,’ Perdue said. ‘I am optimistic and hopeful that these 10 million metric tons will be done in the very near future,’ he said.In more detailed perspective on the Chinese commitment to purchase the additional 10 million metric tons of U.S. soybeans, Bloomberg writers Shruti Singh and Isis Almeida explained on Friday that, “Since the U.S.-China trade truce began in early December, Chinese buyers have scooped up at least 6.9 million tons of American beans, government data show. People familiar with the transactions have said the Chinese have already bought close to 10 million tons.” “On Friday, a data dump from the U.S. Department of Agriculture showed net-export sales to China during the six weeks ended Feb. 14 totaled 3.92 million metric tons for the 2018-2019 season. That was basically in line with previously reported sales during the period,” the Bloomberg article said. In other soybean trade news last week, USDA noted on Thursday, in its quarterly Outlook for U.S. Trade publication, that: “Oilseeds and products exports are projected at $27.8 billion, down $100 million from November expectations, driven by lower soybean volumes.” And Reuters writer Dominique Patton reported last week that, “China, the world’s largest importer of soybeans, will rely on overseas purchases for supplies of the oilseed, even as it tries to revive domestic production, a top official said on Wednesday.” The article noted that, “‘We will for sure trade soybeans in the international market,’ [Agriculture Minister Han Changfu] said, adding that the United States is an ‘important partner’ in soybean trade.” In a related article, Wall Street Journal writers Thomas Grove and Anatoly Kurmanaev reported Thursday that, “Russia’s overall trade with China, its biggest individual trading partner, rose more than 27% to over $100 billion last year, according to Chinese trade data. The trade has mostly involved oil, gas and metals. But Russian agricultural exports also are growing, especially soybeans, which have risen more than 10-fold in four years to nearly 1 million tons.” With respect to future U.S. export market share, Reuters writer Humeyra Pamuk reported last week that, “The United States will be able to quickly recover lost markets for U.S. farm products to China once Washington and Beijing clinch a trade deal, U.S. Agriculture Secretary Sonny Perdue said on Thursday.” But since those markets are currently constrained, Ms. Pamuk reported on Friday that, “U.S. Department of Agriculture has paid out $7.7 billion so far to farmers, William Northey, Undersecretary for Farm Production and Conservation, said on Friday, in aid designed to offset the negative impact of tariff imposition.” As trade talks continued, Reuters writer Rajesh Kumar Singh reported Saturday that, “U.S. and Chinese negotiators met for over seven hours on Saturday to resolve their trade dispute and avoid an escalation of the tit-for-tat tariffs that have already disrupted global commerce, slowed the world economy and roiled financial markets. After noting that “the two sides will meet again on Sunday morning,” the article stated that, “Saturday marked the fifth straight day of the negotiations between the world’s two biggest economies.” “The Chinese delegation is scheduled to leave for Beijing on Monday, according to a person familiar with their itinerary,” the article said.
….productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!
Pleased to see this step taken by the President. Tariffs have hurt our farmers in central Illinois and it’s important the dialogue between us and the Chinese continue without escalated tensions so an agreement can be reached and trade markets opened.✔@CNBC
Trump says will delay additional China tariffs originally scheduled to start on March 1 https://cnb.cx/2TedxYs
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