Commodities & Energy

Reuters reveals Beijing could slash tariffs on U.S. farm products to boost imports

Reuters reveals Beijing could slash tariffs on U.S. farm products to boost imports

Reuters revealed that Beijing could remove extra tariffs imposed since last year on U.S. farm products to ease the way for importers to buy up to $50 billion worth, rather than direct them to buy specific amounts. U.S. President Donald Trump said earlier this month that China had pledged to spend between $40 billion and $50 billion on U.S. agricultural products annually as part of a deal to end a trade war that broke out last year. But the demand has become a major sticking point in the bilateral trade talks, as Beijing wants to buy based on market conditions instead of committing to a large figure and a specific time frame.