Trump praises China farm purchases after delay in trade talks

by Bloomberg Aug 18, 2020

U.S. officials played damage control after trade talks with China were indefinitely delayed over the weekend, with President Donald Trump praising the country’s purchases of American farm goods.

Trump said in an intervew with Fox News that he is having “a very hard time” with China, and the country is trying to make up for it with purchases of items like beef, soybeans and corn. White House trade adviser Peter Navarro later told CNBC that the phase-one trade deal is still on track. Meanwhile U.S. oil exports to China may more than double in September.

Not all trade news boded well for food exporters. Guangzhou halted imports of frozen meat and seafood from coronavirus-hit areas after the virus showed up on Brazilian chicken wings. And China’s Ministry of Commerce announced an anti-dumping investigation into Australian wine.

In metals, top miner BHP Group said it expects China’s steel output to see a slow easing off, instead of an abrupt drop, from record run rates in the first half. China’s copper usage has been boosted by government spending on power infrastructure, housing completions and better-than-expected machinery output.

Bloomberg

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