In this file:
· U.S., China progress could hinge on removal of additional tariffs
… Despite the optimistic tone,
some farmers remain skeptical…
· U.S. Considers Rolling Back Tariffs On Chinese Goods Ahead Of Trade Deal
· China Wants U.S. to Drop Tariffs on $360 Billion of Imports for Trade Deal
U.S., China progress could hinge on removal of additional tariffs
By Mark Dorenkamp, Brownfield
November 5, 2019
U.S. and Chinese negotiators are reportedly considering rolling back more tariffs as both countries look to solidify a partial trade agreement.
The Wall Street Journal reports the Trump Administration might delay imposing new tariffs in mid-December amid positive signals from China’s foreign ministry that progress is being made to end the trade war.
Despite the optimistic tone, some farmers remain skeptical a preliminary deal that could include China purchasing up to $50 billion in U.S. agricultural goods will come to fruition.
Joel Schreurs is a corn and soybean grower in southwest Minnesota.
“They can throw (around) the numbers all they want, but in the end what it comes down to is when they write the check for the shipload of soybeans. And until they’re actually delivered, I’m somewhat skeptical.”
He tells Brownfield the tariffs have hurt...
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U.S. Considers Rolling Back Tariffs On Chinese Goods Ahead Of Trade Deal
Isabel Togoh, Forbes
Nov 5, 2019
Topline: The Trump administration could roll back billion in dollars of tariffs imposed on Chinese goods in September in a bid to smooth the way for a possible deal that could end the trade war between the world’s largest economics as early as next month, according to reports.
· A long-awaited ‘phase one’ trade deal between the U.S. and China is expected to be signed this month, winding down months of an escalating trade war between the two countries that has threatened to tip the global economies into a recession.
· As part of that deal, the U.S. is expected to pledge to cutback on tariffs on $112 billion worth of Chinese goods that were imposed in September, according to a U.S. official cited by Reuters.
· China also pushed for the rollback of tariffs on $156 billion worth of Chinese imports would take effect from December on items including clothes and flat screen televisions.
· According to the Financial Times, citing five people familiar with the discussions, the U.S. is considering reversing the 15% tariffs that were activated on September 1.
· Such a move is already music to investors’ ears as global markets rallied—the FTSE climbed 19 points, while in Asia, Japan’s Nikkei gained 2% and Hong Kong’s Hang Seng Index gained 0.5%.
· In return, China will be expected to purchase more agricultural products from U.S. farmers while promising better protection for intellectual property, The Guardian reports. A dispute over IP theft triggered the trade war in the first place.
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China Wants U.S. to Drop Tariffs on $360 Billion of Imports for Trade Deal
· Negotiators asked for removal of September tariff tranche
· Teams said to be deciding between Alaska and Iowa for signing
November 4, 2019
China is seeking the roll back of U.S. tariffs on as much as $360 billion of Chinese imports before President Xi Jinping agrees to go to the U.S. to sign a partial trade deal with President Donald Trump, according to people familiar with the matter.
Negotiators asked the Trump administration to eliminate tariffs on about $110 billion in goods that were imposed in September and lower the 25% tariff rate on about $250 billion that began last year, said some of the people, who asked not be named discussing the private talks.
Chinese officials also suggested the U.S. could temporarily waive some tariffs, people familiar with Beijing’s position said. In return, China could remove tariffs on a reciprocal amount of U.S. goods, mostly farm products, one of the people said.
China has also previously demanded that Trump cancel plans to impose duties on roughly $160 billion in imports, scheduled for Dec. 15, which would hit consumer favorites like smart-phones and laptops. At the very least, those tariffs have to be taken off the table for Xi to get on a plane to meet Trump, the people said.
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