China fails to buy agricultural goods as promised

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China fails to buy agricultural goods as promised

After meeting with President Xi Jinping late last month, Trump said China had agreed to buy more US agricultural products as part of a cease-fire in the two countries' trade war. USA stocks pared gains after the president's tweet.

Earlier on Thursday, Chinese Ministry of Commerce Spokesman Gao Feng said the agricultural trade is "an important issue that the two sides need to talk about" but didn't confirm whether China agreed to buy American agricultural products as part of the agreement reached in Osaka.

Xi and Trump agreed to restart trade talks between their countries at the meeting, and the USA president said he would hold off on imposing additional tariffs on Chinese imports.

Washington has already imposed 25% of tariffs on US$250 billion of Chinese goods and China has retaliated with tariff hikes on US$60 billion of U.S. goods.

The minister however, left out mentioning the trade negotiations between the United States (US) and China.

Beijing's retaliatory tariffs a year ago on imports of agricultural goods have slammed many farmers - a key Trump constituency - forcing bankruptcies and a slowdown in farm lending as many operations struggle and fall deeper into debt. Beijing has counterpunched by taxing $110 billion in US goods, specifically targeting USA farm products produced by many Trump supporters in the USA heartland.

President Donald Trump speaks during an event on kidney health at the Ronald Reagan Building and International Trade Center, Wednesday, July 10, 2019, in Washington. So far, the two countries' top envoys have spoken by phone but haven't announced plans to resume face-to-face talks. White House economic adviser Larry Kudlow told reporters the talks "went constructively" but it was "too soon for details". Visit MarketWatch.com for more information on this news. He added, "You have to be realistic". Trump said at last month's G-20 meeting in Osaka, Japan, that Chinese President Xi Jinping had agreed to order large new purchases of US agricultural goods "almost immediately".

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