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.