FROM EIR DAILY ALERT

China Proposes To Buy Additional $30 Billion in U.S. Agro-Products, in Context of Trade Talks

Feb. 21, 2019 (EIRNS)—According to a Bloomberg article today, citing “people with knowledge of the plan,” China is proposing that it could buy an additional $30 billion a year of U.S. agricultural products including soybeans, corn, and wheat as part of a possible trade deal being negotiated by the two countries.

“The offer to buy the extra farm produce would be part of the memorandum of understanding under discussion by U.S. and Chinese negotiators in Washington, according to the people, who asked not to be identified because the plans are confidential,” Bloomberg wrote.

China has repeatedly offered to increase purchases of agricultural and energy products to shrink the U.S. trade deficit. Since a tariff truce agreed in December, it has resumed imports of some farm goods including soybeans and President Donald Trump this week said “a lot of corn” would be next on Beijing’s shopping list. In 2017, China imported a total $24.2 billion in American agricultural products, 60% of that with oilseeds.