Daily Management Review

‘Considerable’ Quantities Of US Pork And Soy Has Been Bough, Says China


‘Considerable’ Quantities Of US Pork And Soy Has Been Bough, Says China
The Chinese Ministry of Commerce has confirmed that it has purchased “considerable” quantities of soybeans and pork from the United States before the trade representatives of the two countries are expected to meet face to face in Washington early next month to try and forge a deal on trade and bring an end to the trade war between the two countries that has been going on for more than a year now.
While putting up this upbeat statement during a regular weekly press conference, the Chinese ministry’s comments did not divulge any information about the  much talked about and anticipated trade talks with the US, which some reports have claimed will be held in the second week of October.
“China and the US are currently maintaining close communications and preparing for positive progress in the high-level economic and trade talks. The Chinese side has always been consistent in its negotiations. It is hoped that the two sides will meet half way and find a mutually beneficial and win-win approach based on equality and mutual respect,” said Ministry of Commerce spokesman Gao Feng.
The talks on trade between the deputy trade representatives of the two countries which had taken place in Washington earlier this month organized primarily to pave the path for the high level talks in October were described by Gao as being “constructive”. But no details were elaborated further. Gao also did not confirm the possible date of the next meeting expected to be held next month.
“Recently Chinese enterprises have started, based on the markets and World Trade Organisation rules, price enquiries and purchases of US agricultural products, and have also completed considerable transactions for soybeans and pork,” said Gao.
“It is hoped that the two sides will find a mutually beneficial and win-win approach based on equality and mutual respect,” Gao Feng said.
The possible date about the next high level talks was indicated on Tuesday by the US Treasury Secretary Steven Mnuchin and added that talks between the US trade representative Robert Lighthizer and Chinese Vice-Premier Liu He would be held in “two weeks.”
“I think it’s not next week but the following week we’ll be having those talks,” Mnuchin said in an interview with Fox Business Network. He added that the last week’s deputy-level meetings had managed to make some progress in easing of the trade tensions between the two countries.
A deal to end the trade war “could happen sooner than you think”, said the US President Donald Trump on Wednesday even though a day ago he severely criticized China while addressing the United Nations General Assembly in New York.
“China is starting to buy our  again,” Trump said. “They’re starting to go with the beef and all of the different things … pork, very big on pork. You know they want to make a deal and they should want to make a deal. The question is, do we want to make a deal?”
Both the sides have also announced other conciliatory measures which have increased the prospects of the end of the trade war that has been going on since June of last year and which has roiled world financial markets, slowed down global trade and threatened to through the global economy into a recession.