"China has offered to go on a six-year buying spree to ramp up imports from the U.S., in a move that would reconfigure the relationship between the world’s two largest economies, according to officials familiar with the negotiations."
-6 years? wow. they even have ideas Trump will be elected and they are not dumb....dems heads exploding as they read this news
Buying spree offer was made at Beijing talks in early January
U.S. officials said to be skeptical, want gap closed sooner
"China has offered to go on a six-year buying spree to ramp up imports from the U.S., in a move that would reconfigure the relationship between the world’s two largest economies, according to officials familiar with the negotiations.
By increasing goods imports from the U.S. by a combined value of more than $1 trillion over that period, China would seek to reduce its trade surplus -- which last year stood at $323 billion -- to zero by 2024, one of the people said. The officials asked not to be named as the discussions aren’t public."
"Last week marked the first face-to-face meetings between Chinese and American trade delegates since the G20 summit. The meetings, which went a day longer than planned, resulted in China agreeing to purchase more U.S. farm and agricultural commodities. Chinese officials have also agreed to grant wider access to mainland markets to U.S. firms."
Might explain part of the late week strength in the row crops.
Ok. I will play the part of pessimist here. Only because I have watched China back out of various commitments before. But they tend to say/commit to one thing now. And then back out at the last minute. Just going to wait and see how this plays out.
While I totally agree with Mark, I also think this Trade War, as mentioned by Jack Moe, is a twenty year process, and this is the first step in the right direction. In six years when we have another Trade War with China, we can state that they failed the first agreement and we will have tougher standards in that agreement.