Chinese companies have begun the process of price inquiries for U.S. agricultural goods, an early sign that trade tensions may be easing between the world’s two largest economies.
A spokesman for China’s foreign ministry told Reuters on Thursday that Chinese companies were beginning the process of purchasing U.S. goods, one of the first signs of positive developments in trade talks between the U.S. and China in weeks.
{mosads}“According to my understanding, Chinese firms have started to inquire about prices for U.S. agricultural goods. (China) hopes both sides would continue to meet each other half way and adopt concrete actions to create favorable conditions for negotiations,” spokesman Gao Feng said, according to Reuters.
President Trump has made the purchase of U.S. agricultural goods a mainstay of his plan to decrease the U.S.’s trade deficit with China. Even so, some U.S. farm goods such as grains have found themselves the target of Chinese tariffs leveled in response to U.S. trade measures.
Trump tweeted on the report later Thursday morning.
“It is expected that China will be buying large amounts of our agricultural products!” the president said.
Both pork and soybeans are still subject to Chinese tariffs, but could be part of a deal to increase purchases of U.S. goods, Feng added. Pork exports to China reportedly jumped by more than half in the first seven months of 2019 despite the new tariffs.
Trade talks between the U.S. and China have continued for months, with both sides so far unable to reach a deal on a wide range of issues including the theft of technology and other trade practices the U.S. has deemed unfair.
The news comes one day after Beijing announced it would waive tariffs on 16 types of U.S. goods including some anti-cancer drugs.
Updated at 8:52 a.m.