China may buy US LNG, soybeans after Trump reaches out
WASHINGTON: Chinese officials have begun preparing to restart imports of US soybeans and liquefied natural gas (LNG), the first sign confirming the claims of President Donald Trump and the White House that China had agreed to start buying some US products immediately.
Chinese officials have been told to take necessary steps for the purchases, according to two officials with knowledge of the discussions.
It wasn’t clear whether the preparations meant China would cut the retaliatory tariffs it imposed on those products, or when the purchases would happen. It is possible that Beijing could reimburse buyers for the tariffs they pay, as they have done for purchases for the state soybean reserve.
Chinese purchases of the goods collapsed after Beijing imposed tariffs on them in retaliation for US import taxes.
The two nations agreed to temporarily halt the spiralling exchange of tariffs over the weekend, promising to try and iron out their differences by the start of March next year.
Earlier on Tuesday, Trump opened the door to “more lengthy” negotiations with China to resolve the damaging trade dispute.
While Trump has promised big results from the talks, he threatened more tariffs if the sides cannot reach an agreement, which would add to the economic pain already inflicted on American consumers and companies.