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China-U.S. Trade Talks To Resume Oct. 10-11

Sept. 27, 2019 (EIRNS)—China and the United States are preparing for a new round of top-level trade talks in early October, which U.S. media outlets have reported will occur Oct. 10-11, before new U.S. tariffs on Chinese products take effect Oct. 15. Chinese Vice-Premier Liu He will lead his country’s delegation in resumed negotiations with the U.S. Oct. 10-11 in Washington.

Chinese Foreign Minister Wang Yi said U.S.-China trade talks can make progress when they resume in two weeks in the U.S., Wendy Wu reported in South China Morning Post today.

“Efforts to resolve the trade war with the United States would make progress if both nations took more proactive steps in their upcoming negotiations,” Wu wrote. Wang Yi said,

“Recently both sides have shown goodwill to each other, such as the U.S. granting a tariff exemption for hundreds of Chinese products and China being willing to buy more American products needed by the Chinese market.”

Wang continued,

“We hope both sides are able to take more proactive steps and minimize pessimistic language and actions. If everyone does this, I believe the [trade] talks will not only resume, but move forward.”

China’s Ministry of Commerce said yesterday that Chinese companies had bought large amounts of pork and soybeans from the U.S. recently: “China has great demand for the qualified agricultural products ... and there is sufficient cooperation between China and the U.S.”

White House National Economic Council Director Larry Kudlow told Fox Business Network yesterday that China had bought a “high volume” of soybeans, which pushed up soybean prices and led to an increase of U.S. soybean exports by more than 80% year-on-year. “This is a very, very good beginning—we haven’t seen this kind of thing before,” Kudlow said. China announced two weeks ago that it would exempt some U.S. agricultural products, including soybeans and pork, from additional tariffs. China bought 3,375 tons of American pork last week, its biggest purchase in two weeks, the USDA said.

Everbright Sun Hung Kai, a Hong Kong-based brokerage firm, released a research note today which said China had been reluctant to buy a large amount of soybeans, used mainly in feed for pigs, because the pig herds have fallen about 39% due to an epidemic of African Swine Fever. “China’s move to purchase more pork makes more sense in that it corresponds with domestic demand,” the company’s note said.

The U.S. has also allowed U.S. parts suppliers to sell to Huawei until Nov. 19, 2019.

The SCMP characterized President Trump as sending mixed messages on a trade deal: Wednesday, he said “that a U.S.-China trade deal ‘could happen sooner than you think,’ a day after lashing out against Chinese trade practices,” SCMP wrote.

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