The U.S. and China are inching closer to an agreement on trade that could be reached this month, according to those close to the talks. Bloomberg reports an agreement could be reached and finalized later this month during a planned summit between China’s President and President Donald Trump. As part of the potential agreement, China would lower tariffs on agricultural products.
Agriculture Secretary Sonny Perdue at the 2019 Commodity Classic last week told reporters that on his wish list for 2019 is a “magnificent conclusion to the U.S.-China negotiations that will involve doubling and tripling our farm exports to China.” Perdue also said he was “cautiously optimistic” about the prospects for a final agreement. President Trump put off a planned round of tariff increases to start the month. However, the U.S. wants to continue to have the threat of tariffs as leverage to ensure China will comply with any agreement.