China Could Buy $30 Billion More of U.S. Agriculture Product

February 21, 2019 08:45 AM

Bloomberg is reporting China could buy an additional $30 billion a year of U.S. agriculture products. That includes soybeans, corn, and wheat.  Bloomberg says it's part of a possible trade deal being negotiated between the two countries this week in Washington. There have been several reports in the past month that China has agreed to make large buys of American farm and energy products to reduce the trade deficit.

That extra buy may even be included in a "memorandum of understanding" negotiators are working on. Some observers say President Trump and Chinese leader Xi Jinping will take up and resolve remaining issues when they meet at an unspecified date and location.   

Farm Journal Washington Correspondent Jim Wiesemeyer says the U.S. wants China to agree to keep the Yuan stable. China wants the U.S. to respect its right to develop and become prosperous. Wiesemeyer says structural changes the U.S. wants will be key, whether there's a comprehensive agreement.

The U.S. is scheduled to raise import taxes on 200 billion dollars worth of Chinese goods at the beginning of March, but President Trump has said he's considering extending that deadline.

Related article: 

China Offers to Buy $30 Billion More U.S. Agricultural Imports a Year

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