China, US make 'substantial' trade deal progress, says top official

China, US make 'substantial' trade deal progress, says top official”

Under that in-principle agreement, China agreed to buy up to $50 billion of US farm products annually, while the United States agreed not to raise tariffs from 25% to 30% on $250 billion worth of Chinese goods, which was initially set to take effect on October 15.

US Trade Representative Robert Lighthizer speaks with China's Vice Premier Liu He during a meeting with US President Donald Trump in the Oval Office at the White House after two days of trade negotiations in Washington October 11, 2019.

The rally in USA prices last week, however, made Brazilian soy more of a bargain for Chinese buyers. While the country remained the largest importer of USA soybeans, the American Farm Bureau said that exports to China plummeted 53% in the 2018-2019 marketing year. -China trade deal will hopefully be signed by the middle of November.

While Brazil is China's largest soybean supplier, large purchases from Brazil are unusual at this time of year.

"We're working with China very well", President Trump told reporters. But three US soya bean exporters said that there had been no US sales to China since last week's talks in Washington, and none had been confirmed by the US Department of Agriculture.

"I've not had any inquiries at all for US (shipments)", said one of the USA soybean exporters. 'There were a few November boats bought from Brazil and several new-crop South American boats for March forward but nothing here'.

The further opening up of China's financial services market would be an element of the first phase of the deal, while the issue of technology transfers would be addressed in the second, he said. In return, China promised to buy $40-50 billion USA-based agricultural products, to balance the existing trade surplus.

The news comes amid reports that China's economic growth has slowed to its weakest pace in nearly three decades, as a result of the trade war.

Prices for USA soybeans loaded at Gulf Coast and Pacific Northwest terminals in November and December and shipped to China are now near par with Brazilian soy prices. But when prices for soya beans from the two top suppliers are similar, Chinese importers tend to favour Brazilian beans due to their higher average protein content.

In an interview on CNBC earlier, Kudlow said the first phase of the China trade deal was "for real" and pointed to great progress in talks.

Phase one of the highly anticipated trade deal is over last week.

Both Hopefull and Wilmar declined to comment.

The Chinese authority deviated from the initial deal and said that the exports will depend upon the needs of the Chinese economy.

The Chinese Commerce ministry did not confirm the figure as well.

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