Todd Bishop
On the eve of negotiations between China and the US trade negotiators in Shanghai this week, it was reported that millions of tons of US soybeans were shipped to China. The US has also announced an exemption from tax on 110 Chinese exports to the US. This shows that China and the United States intend to create a good atmosphere for the negotiations.
Xinhua News Agency reported on July 28 that the reporter learned from the relevant departments of the National Development and Reform Commission and the Ministry of Commerce that after the meeting between the heads of state of China and the United States, several million tons of US soybeans were shipped to China, and the US announced 110 items. China’s export of industrial products to the United States is exempt from tariffs and expresses its willingness to promote US companies to continue to supply related Chinese companies. This shows the willingness of both sides to implement the Osaka consensus.
On the eve of the 12th round of China-US trade held in Shanghai this week, China and the United States continued to show signs of thawing in trade. Xinhua News Agency reported that since July 19, some Chinese companies have inquired about US suppliers of new soybeans, cotton, pork, sorghum and other agricultural products. According to market conditions, a number of agricultural products have been sold. The relevant enterprises have applied to exclude tariffs imposed on this part of the agricultural products imported from the United States, and the State Council Tariff Commission will follow the procedures.
According to the report, the relevant Chinese enterprises will continue to make inquiries on the purchase of US soybeans, cotton, pork, sorghum, wheat, corn, dairy products and other agricultural products according to the needs of the domestic market and following the principle of marketization. As long as the prices of American agricultural products are reasonable and of good quality, it is expected that there will be new purchases of agricultural products.
The Xinhua News Agency quoted Chinese authorities as saying that the US should take concrete measures to implement the relevant US commitments and create favorable conditions for bilateral economic and trade cooperation. The CCTV report on the same day also pointed out that the United States should take specific measures to fulfill its commitments and improve economic and trade relations between the two countries.
