China extends olive branch ahead of trade talks, says it plans to buy US soybeans and pork

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China extends olive branch ahead of trade talks, says it plans to buy US soybeans and pork

soybean farmer

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  • China said Thursday that it has arranged deals to resume some purchases of key American agricultural products.
  • Commerce Ministry spokesman Gao Feng said China had "completed deals to buy soybeans and pork of considerable scale" but did not elaborate.
  • China had halted those imports last year to retaliate against the Trump administration.
  • Visit the Markets Insider homepage for more stories.

China said Thursday that it has arranged deals to resume some purchases of key American agricultural products, which it had halted last year to retaliate against the Trump administration.

Commerce Ministry spokesman Gao Feng said China had "completed deals to buy soybeans and pork of considerable scale" but did not elaborate. The Office of the US Trade Representative did not respond to an email requesting confirmation.

President Donald Trump has made agriculture purchases a key bargaining chip in trade negotiations, which are set to enter their thirteenth round in early October. Tariffs have led to steep losses for American farmers, an important constituency for the president as he campaigns for re-election.

"They want to make a deal very badly," Trump told reporters of China on Wednesday in New York. "It could happen sooner than you think."

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But there has been no evidence of concrete progress on the structural issues the Trump administration has sought to address, such as intellectual property theft and the forced transfer of foreign technology. A day earlier, the president said that he would not accept a partial deal and that the dispute could last until after the 2020 elections.

"Hopefully we can reach an agreement that will be beneficial for both countries," he said. "But as I have made very clear, I will not accept a bad deal for the American people."

Last week, China said it would no longer visit US farm country that were hailed a gesture of goodwill by both sides. China did not initially offer reasoning behind the cancellation, but Treasury Secretary Steve Mnuchin asserted it was at the request of the Trump administration.

Now read: Casino magnate and GOP mega-donor Sheldon Adelson reportedly warned Trump about the US-China trade war last month

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