Farm Progress is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Serving: United States
Chinese president Xi Jinping Lintao Zhang/GettyImages
Chinese President Xi Jinping.

Xi Jinping says China will meet purchase goals

Chinese leader tells President Trump purchases may be slower, but will happen.

By Margaret Collins

China’s leader Xi Jinping reassured U.S. President Donald Trump in a phone call that Beijing would meet purchase goals outlined in the recent trade deal between the countries -- despite the impact of the coronavirus on the Asian nation, White House economic adviser Larry Kudlow said Friday.

“Xi apparently said, may be a little slower to purchase American exports, but it will get done by the end of the year and next year,” Kudlow said in a Bloomberg Television interview Friday. The virus outbreak has claimed hundreds of lives in China and impacted the economy, raising questions about whether the nation could meet targets in the trade pact.

Kudlow said the “export boom” that the administration is expecting from new trade deals with China, Mexico and Canada will help the economy and wages. A report Friday showed that U.S. employers ramped up hiring in January and wage gains rebounded, providing fresh evidence of a durable jobs market that is a key pillar of Trump’s re-election campaign.

The U.S. and China last month sealed the first phase of a trade agreement that’s supposed to take effect this month. In the first year of the deal, China committed to buy more in American goods over two years. Purchases of agricultural products are particularly important for the livelihoods of American farmers who’ve been hurt in an escalating tariff war with China over the past two years and are a key base of support for Trump.

“Xi apparently reassured President Trump in this phone call that while there might be some delays in the purchase of American exports, the markers of $200 billion over the next couple of years, will in fact be met,” Kudlow said.

Kudlow said China hasn’t formally asked for exceptions to the purchasing targets, but the two leaders and staff are talking.

--With assistance from Jonathan Ferro and Max Reyes.
To contact the reporter on this story:
Margaret Collins in New York at mcollins45@bloomberg.net
To contact the editor responsible for this story:
Margaret Collins at mcollins45@bloomberg.net
© 2020 Bloomberg L.P.
TAGS: Farm Policy
Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish