US asking China to increase purchases of its soybeans and other farm commodities.
The United States had removed tariffs overnight from over 400 Chinese products in response to requests from US companies. Trade experts, executives and government officials in both countries say that even if the September and October talks produced an interim deal, the US-China trade war has hardened into a political and ideological battle that runs far deeper than tariffs and could take years to resolve.
The early October meeting will include the top trade negotiators: Chinese vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin. Grain and soybean futures on the Chicago Board of Trade and livestock futures on the Chicago Mercantile Exchange also slumped.Before the talks started, some reports had suggested that an interim deal was being considered, involving Chinese purchases of US farm goods, some improvements in Chinese market access and an easing of US sanctions on Huawei Technologies.
Speaking at a White House meeting with Australian Prime Minister Scott Morrison, Trump touted the billions of dollars in US tariff receipts on Chinese imports, adding that the total would soon reach US$100 billion.
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