Companies are expected to sign fresh deals on American products free of retaliatory tariffs as trade talks between China and the U.S. resume Tuesday, Chinese state media reported.
Some Chinese companies have applied for an exemption from paying retaliatory tariffs, state media Xinhua News Agency said on Sunday. Firms have already bought some farm goods after asking for price quotations on products such as U.S. soybeans, cotton, pork and sorghum July 19, Xinhua reported, citing China’s Commerce Ministry and the National Development and Reform Commission.
Bloomberg News earlier reported that several domestic companies have been approved to buy certain U.S. farm goods tariff free. The companies will buy more if the price and quality are acceptable, Xinhua said.
U.S. soybean supplies to China, the world’s biggest market, slumped in the first half of 2019 to the lowest level in more than a decade as little progress was made on ending a trade war between the two countries.
President Donald Trump had complained that China hasn’t increased its purchases of American farm products, a promise he said was secured at a meeting with Xi Jinping at the Group of 20 summit in Osaka, Japan, last month.