CHINA-US: PHASE-I OF US-CHINA TRADE DEAL ON SHAKY GROUND
China's financial magazine Caixin disclosed (May 14) that China's State-run companies have purchased more than 20 cargoes, or over 1 million metric tons, of American soybeans in the past two weeks. The beans were bought using tariff waivers previously issued. Purchases of 136,000 tons reported by the U.S. government on May 12 were probably made on May 11. Caixin also said, referring to an article in the Communist Party publication Global Times, that the phase-one US-China Trade Deal could be on shaky ground. The Global Times reported that China may weigh voiding the agreement after U.S. criticism of the country’s handling of the coronavirus triggered anger among trade insiders. A suggestion to negotiate a new deal to tilt the balance more toward the Chinese side has also been floated, it said.
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