BREAKING: In Oval Office meeting today, the Chinese committed to buy an additional 10 million metric tons of U.S. soybeans. Hats off to @POTUS for bringing China to the table. Strategy is working. Show of good faith by the Chinese. Also indications of more good news to come.
— Sec. Sonny Perdue (@SecretarySonny) February 22, 2019
Late last Friday Ag Secretary Sonny Perdue tweeted that China had committed to purchase an additional 10 million metric tons of soybeans in a good faith gesture as trade negotiations continue. President Trump tweeted Sunday evening that he would delay an increase in tariffs on Chinese goods citing substantial progress in those negotiations.
I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues. As a result of these very……
— Donald J. Trump (@realDonaldTrump) February 24, 2019
….productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!
— Donald J. Trump (@realDonaldTrump) February 24, 2019
On Monday, Trump told a group of governors at the White House, “It looks like they’ll be coming back quickly again and we’re going to have another summit. We’re going to have a signing summit, which is even better. So, hopefully we can get that completed, but we’re getting very, very close.”
He did not say when this signing would take place but suggested that it might happen sometime in March should talks continue to progress.
In a release from the American Soybean Association, president Davie Stephens, a soybean grower from Clinton, KY, said, “We are glad that talks between these two countries will continue without the tariff hike previously expected at the 90-day deadline later this week, but we need resolution and are discouraged that it’s still hard to see a tangible end in sight.”
The release went on to say, “While ASA is pleased that the Administration has announced that negotiations have been positive and will continue past Trump’s imposed 90-day window, soy growers continue to urge the Administration to rescind the tariffs and instead make soybeans a part of reducing our trade deficit with China.”
They added that they are pushing for “more than piecemeal purchases and want to see open access to the China market restored through the removal of tariffs.”
