The Chinese government unveiled a new proposal Thursday that would result in purchasing an additional $30 billion in agricultural products from the United States; including soybean, corn, and other crops.
“China is proposing that it could buy an additional $30 billion a year of U.S. agricultural products including soybeans, corn and wheat as part of a possible trade deal being negotiated by the two countries, according to people with knowledge of the plan,” reports Bloomberg.
“The offer to buy the extra farm produce would be part of the memoranda of understanding under discussion by U.S. and Chinese negotiators in Washington, according to the people, who asked not to be identified because the plans are confidential. The purchases would be on top of pre-trade war levels and continue for the period covered by the memoranda,” adds the report.
The revelation comes as negotiators from the US and China struggle to reach a formal trade agreement following a back-and-forth tariff battle between the two giant economies.
Read the full report at Bloomberg.
AMERICA FIRST: The President Says Country’s with Unfair Trade Deals Will be ‘TARIFFED’
President Trump doubled-down on his administration’s aggressive international trade policies Monday; saying nations with unfair trade deals will be “tariffed” in the coming weeks.
The Commander-in-Chief praised the international tax on social media just days after threatening China with a new round of tariffs, adding “Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be ‘Tariffed!’”
Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”
— Donald J. Trump (@realDonaldTrump) September 17, 2018
The President’s comments come after he threatened China and other countries with upwards of $250 billion tariffs on foreign-produced goods, including aluminum, steel, and other raw materials.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.