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China announced Thursday that it has purchased a “considerable” amount of soybeans and pork from the United States ahead of renewed trade talks in October.
“China and the US are currently maintaining close communications and preparing for positive progress in the high-level economic and trade talks. The Chinese side has always been consistent in its negotiations. It is hoped that the two sides will meet halfway and find a mutually beneficial and win-win approach based on equality and mutual respect,” said Ministry of Commerce spokesman Gao Feng in a press conference.
According to reporting by the IBT, China is also facing a severe shortage of pork because of an outbreak of African swine fever that has infected its hog supply and pushed prices up by 50{fdbcabf771828492f9ea8159017cf64899a634f8417cacba890e13c34db45301}.
Earlier in September, China said high-profile U.S. agricultural products including pork and soybeans would be exempt from added tariffs, ahead of the next round of trade talks scheduled for October.
President Trump said Wednesday that a deal to end the nearly 15-month trade war with China could happen sooner than people think, adding that the Chinese were making big agricultural purchases from the United States.
What does this latest development in the trade saga with China mean for U.S. farmers and agriculture? WIBC host Tony Katz got the inside perspective from Nebraska Rep. Don Bacon during Thursday’s edition of “Tony Katz Today.” Click the link below to access the full interview.
