Economy

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.



Like this

loading...
loading...

Latest


20 October 2019
France's Vahaamahina Sees Red For Idiotic Elbow On Wales Backrow
Once they conceded a penalty soon after, Wales were only a converted try away from taking the lead. Wales - Tries: Aaron Wainwright, Ross Moriarty. "We played a big first half".

20 October 2019
Fired Madison guard gets job offer with Boys & Girls Club
Marlon Anderson said a disruptive student at Madison West High School used the racist term on October 9. The incident involves a staff member using a racial slur with students.

20 October 2019
Astonishing pictures Kate Middleton Pakistan roadside
The royal couple had been also given friendship bracelets from childhood - a blue one for the Duke, and pink for the Duchess. According to a 2011 Vanity Fair report, the Duchess was instructed to act more like her mother-in-law by royals insiders.

20 October 2019
Shah Rukh Khan At PM's Event
For Kangana, the effort underlines the fact that Prime Minister Modi has recognised the power of the film industry. Gandhiji 2.0 is what we need for the explanation that world is altering.

20 October 2019
Google Maps introduces new ways to report driving incidents
Android Maps users are now able to report incidents like traffic congestion, accidents, mobile speed cameras and roadworks. Users can choose between Crash, Speed Trap, Slowdown, Construction, Lane closure, Disabled vehicle, or Object on road.

20 October 2019
Jake Fromm struggles as SC upsets Georgia
SC appeared to have momentum on its side in the second half, driving deep into Florida territory with the game tied at 17 apiece. The Gators are on their second head coach since Muschamp's exit, having replaced Jim McElwain with Dan Mullen in 2018.

20 October 2019
Halftime Box Score/Recap: Penn State 21, MI 7
It marked a long crawl back from a first half that looked like it was going the way of their 2017 trip to Penn State. The Wolverines' offense went three-and-out on its second drive, however, and punted at 8:18 of the first quarter.

20 October 2019
Michael Jordan opens first of two health clinics for underprivileged in Charlotte
Following Jordan's speech, CEO of Novant Health Carl Armato said that the main aim was to provide the best care for its patients. The donation came with a pledge to provide resources to communities with little or no health care.

20 October 2019
Video shows coach disarming, embracing Oregon student
Earlier this year, a high school coach in OR was celebrated as a hero for stopping an armed student before he could hurt anyone. He went into a classroom with the intent of killing himself, authorities said, not to kill other students.

20 October 2019
Leafs' Tavares sidelined with broken finger
Just 11 seconds following the restart, Backstrom's one-timer off T.J. Carlson scored off an Alex Ovechkin assist about a minute later. In the past five campaigns, Tavares has missed just nine games.