Chinese trade conditions may be showing signs of improvement as officials from the U.S. and China agree to another round of trade negotiations at the end of the month. The announcement comes at the conclusion of three days of talks between representatives of both countries in Beijing. The meeting marked the first set of negotiations after a 90-day suspension of any further tariffs was agreed to back in December. While neither country elaborated on any particular details pertaining to the trade conditions, both sides are reporting that the negotiations are continuing to develop positively.
“The talks also focused on China’s pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States. The United States officials conveyed President Trump’s commitment to addressing our persistent trade deficit and to resolving structural issues in order to improve trade between our countries,” the Office of the U.S. Trade Representative said in a news release.
Chinese officials also noted that negotiations continue to progress with both parties continuing to communicate in good faith toward reaching an agreeable solution to the ongoing trade tension. The Chinese Commerce Ministry issued a statement indicating the two countries “conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving mutual concerns.”
Some other indicators that Chinese trade conditions are on the rebound include major purchases of American soybeans and the acceptance of U.S. rice. Back in December China purchased 1.13 million tons of soybeans, marking the first purchase since the trade tensions initially began in July 2018. Reuters also reported that China has made two more significant purchases of soybeans in the past month. China also recently agreed to allow U.S. brown rice, polished rice and crushed rice into the country.