China is obliged to buy more USA agricultural goods, according to Trump

China is obliged to buy more USA agricultural goods, according to Trump

Private Chinese companies are still not buying USA supplies because of 25% retaliatory tariffs on American imports imposed as part of the trade war.

China's trade surplus with the United States, a major source of friction, rose 11 per cent in June from May to $29.92 billion.

US President Donald Trump and Chinese President Xi Jinping agreed in Japan last month to another trade ceasefire, thanks to Trump's promise not to impose new tariffs on Chinese goods and to ease restrictions on Huawei.

The two countries are in the midst of a year-long trade dispute which has seen them slap tariffs on each other's goods.

China retaliated with penalty duties and ordered importers to find non-U.S. suppliers. In an interview with the Fox Business Network, Kudlow described the discussions as "preliminary" and said meetings will "probably" be arranged, but did not give more details.

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Imports fell 7.3 percent, a sharper drop than the 4.5 percent forecast by analysts and following an 8.5 percent contraction in May, suggesting domestic demand remains tepid despite a flurry of growth boosting measures since a year ago.

Trade weakness has added to pressure on Xi's government to shore up economic growth and avoid politically unsafe job losses. And a substantive solution likely would require China to scale back its ambitions to become a world leader in advanced technologies such as artificial intelligence and electric cars.

In the readout of the Xi-Trump meeting published by the state-run Xinhua news agency, it only mentioned that Mr Trump said he hoped China could increase imports from the U.S., and didn't say how Mr Xi or the Chinese team responded. He said that Beijing is causing a disappointment.

Mr Trump also claimed that China, in exchange, has agreed to buy a "tremendous amount" of American food and agricultural products. He said on Twitter that "China is letting us down". But while American exporters have been hit hardest, Chinese industries including electronics that Beijing sees its economic future have suffered double-digit declines in sales to the United States, their biggest market. The truce suspended US plans to impose tariffs on an additional $300 billion in Chinese goods - action that would have extended the taxes to everything China ships to America.

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