China seeking to buy US wheat for first time in a year
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China moves to buy US wheat for the first time in a year following trade talks and an agricultural consensus reached after the leaders' summit.
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In this June 15, 2018 photo, winter wheat is harvested in a field farmed by Dalton and Carson North near McCracken, Kan. (AP)
China is now seeking to buy US wheat for the first time in a year, a move that follows a trade truce reached by the two nations after their leaders' summit last week.
A major grains importer in Asia’s largest economy made inquiries over the weekend for US cargoes loading from December to February, according to people familiar with the matter who asked not to be named as they aren’t authorized to speak to the media.
According to US Department of Agriculture data, China has not purchased any American wheat since early October of last year, and these new inquiries follow the Asian nation's recent resumption of US soybean purchases last week.
Additionally, Beijing has pledged to open its market to agricultural exports from the United States, marking a development that reflects ongoing discussions between the two sides, according to a fact sheet released by the White House over the weekend after a meeting between President Donald Trump and Chinese leader Xi Jinping in South Korea on Thursday.
Following the summit, China issued a statement indicating that it had reached a consensus with the United States on the expansion of agricultural trade, though without disclosing specific details regarding the nature or scope of the agreement.
China-US trade tensions relax after Xi-Trump meeting
Recent developments between China and the United States have involved mixed bilateral actions with cautious negotiations. Chinese President Xi Jinping and US President Donald Trump met in Busan, South Korea, on October 30, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in what was described as a renewed effort aimed at addressing and potentially easing the longstanding trade tensions that have defined relations between the two nations.
After the meeting between the two leaders, Trump addressed reporters aboard Air Force One, describing the discussions as a "great success" while also mentioning plans that include his intention to visit China early next year as part of continued diplomatic engagement.
Trump told reporters that he would be traveling to China in April and that Xi would be visiting the United States sometime afterward, possibly in Florida, Palm Beach, or Washington, DC, noting that many matters had been brought close to finalization during their talks while commending Xi as a tremendous leader of a nation he described as very powerful.
Prior to the Trump-Xi summit, on October 26, Chinese and American negotiators reportedly advanced toward reducing trade tensions, with both parties reaching an agreement on a preliminary framework intended to guide further discussions and cooperation between the two countries.
Despite this signaling of cooperation, the United States has simultaneously launched a formal investigation into China’s compliance with the 2020 “Phase One Agreement” trade deal. The Office of the United States Trade Representative initiated a probe into alleged violations by Beijing, underscoring that while dialogue is underway, oversight and pressure from Washington remain.
