President Trump met with Chinese President Xi this week in a highly anticipated two-day summit.
Trump Talks with Xi on Trade but the Outcome Lacks Detail
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Both presidents used the platform to address their differences in an effort to avoid a repeat of the trade war ignited last year after Trump added tariffs to products imported into the U.S.
Transcript
President Trump met with Chinese President Xi this week in a highly anticipated two-day summit to discuss divisive issues such as the Iran war, trade, technology and Taiwan.
Both presidents used the platform to address their differences in an effort to avoid a repeat of the trade war ignited last year after Trump added tariffs to products imported into the U.S.
The agricultural sector was paying special attention to the talks and whether or not there would be a deal where China would buy more U.S. farm products. U.S. soybean exports to China, a huge market for American farmers, declined at one point amid the dispute.
With few breakthroughs made on this trip, the trade truce reached by Trump and Xi in October of last year will likely be extended. Key aspects of that deal included China’s agreement to resume buying U.S. soybeans and other agricultural products and a tariff truce where the U.S. dropped threats of 100% duties on certain items and a decrease in average tariffs on Chinese goods from 57% to 47%.
Soybean prices moved higher this week as the summit began, but dropped sharply on Thursday as the market was disappointed by a lack of concrete new Chinese agricultural purchase agreements.
Despite initial reports of progress for the beef sector, Reuters is reporting a sudden policy reversal occurred where China renewed, then quickly revoked export licenses for hundreds of U.S. beef plants. The move signaled there were still deep-seated trade tensions between the two super powers. For
Market to Market, I’m Laurel Bower.
contact: laurel.bower@iowapbs.org
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