China to speed up purchasing US agricultural products

11 shows Chinese Vice Premier Liu He and US President Donald Trump during a meeting in the Oval Office of the White House in Washington

Fox Business host Maria Bartiromo criticized President Donald Trump's administration for "overselling" a new trade agreement with China, arguing that "the Chinese got what they want" while the USA got very little in return.

President Donald Trump has postponed tariffs, which were to begin on Tuesday, on a remaining $300 billion in Chinese goods, but Mnuchin said the tariffs will still go into play if China does not agree to the current deal.

Last Friday, the U.S. agreed to hold off on a planned 25%-30% tariff increase on Chinese imports that was due to come into effect on Tuesday.

Last month's exports fell 3.2 per cent from a year earlier, the biggest fall since February, customs data showed yesterday. "We do great things", the Republican told the social conservative activists.

Beijing may send a delegation led by Mr Liu to finalise a written deal, one source said.

"Although there have been some positive developments recently in trade talks between the U.S. and China, our U.S. economics team still thinks it is more likely than not that the 15% tariff round scheduled for December 15 takes place, albeit probably with some delay until early 2020", said Zhennan Li, China economist Goldman Sachs, in a note.

While the Trump administration has touted the deal as a win for the U.S., Bartiromo and other analysts are skeptical.

"We have a fundamental agreement", Mnuchin said on CNBC. In exchange, he said Beijing agreed to buy up to $50 billion of American farm goods. It also still has retaliatory tariffs on products including US soybeans, corn and pork.

But after months of losses and uncertainty amid the trade war Trump launched, many in the farm sector say they need more detail before they pop the champagne corks. Before that, Trump and Chinese President Xi Jinping are scheduled to attend an economic conference in Chile in mid-November.

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Notably, some of the thorniest issues - such as USA allegations that China forces foreign companies to hand over trade secrets - were dealt with only partially, or not at all, and will require further talks.

"China has agreed on agriculture that they're going to take off tariffs on agriculture and they're going to start purchasing agriculture", Mnuchin said. Farmers have suffered during the trade dispute, as many struggled to sell crops with China unavailable as a buyer.

Nelson cautioned that while "that sounds pretty impressive. sales are still lower than what they used to be three or four years ago".

Finally, Friday's deal doesn't end the trade conflict between the US and China so much as call a truce.

Commenting on China Daily's cautious stance, the Beijing-based journalist explains that "Chinese trade officials hope to avoid new surprises and disappointments" and "not celebrating for the moment" since they saw a trade truce disrupted by Washington in May 2019.

Trade hostilities are weighing on the United States and world economies.

"Most of the big issues have not been resolved by this".

So far, the two sides have imposed punitive tariffs covering more than $360 billion worth of goods in two-way trade.

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