China Aims to Buy More U.S. Agricultural Products Worth $30 Billion!
In the meeting at Washington, sources said that China is proposing to buy an additional $30 billion of U.S. agricultural products while both parties are working toward an agreement to end trade war.
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In the two-day meeting between the US and Chinese delegates in Washington to come up with an agreement and end the trade war, the sources familiar to the matter report that China is proposing to buy an additional $30 billion of U.S. agricultural products a year, including soybeans, corn and wheat.
The deal on agricultural products is a part of the memorandums of understanding (MOU), including technology transfer and cyber theft, intellectual property rights, financial service markets, devaluing currency, and non-tariff barriers.
Since the trade war, the export of U.S. agricultural products had been in a slump for a long time. In 2017, the total in export agricultural products was $24.2 billion in 2017, but faced a sharp decline in 2018 to $16.2 billion.
The two parties are working toward an agreement before the deadline on March 1st given by the US, otherwise, the import tariffs would rise to 25% on Chinese products. Since nothing good could come from more dispute between two countries, the US President Donald Trump is likely to extend the deadline for China.