China is buying more U.S. agricultural commodities ahead of the next round of trade talks scheduled to begin Oct. 10 in Washington.
Chinese buyers purchased more than 1.5 million metric tons of U.S. soybeans last week, according to data from the U.S. Department of Agriculture (USDA), and have purchased at least 716,000 tons this week. USDA also reported on Oct. 3 that China bought 130,000 metric tons of U.S. white wheat – the first large purchase of the grain since China implemented a 25 percent tariff on U.S. wheat last year.
President Trump has planned tariff hikes on Chinese goods for October and December. Tariffs on $250 billion in Chinese goods are scheduled to increase to 30 percent on Oct. 15, a few days after the next round of talks.