China is back in the business of buying U.S. soybeans. Chinese Vice Premier Liu He made that announcement in a meeting with President Donald Trump Thursday. China pledged to purchase five million tons of U.S. soybeans per day. However, the administration later clarified the statement, saying China agreed to buy five million metric tons of soybeans, but not on a daily basis and no timeframe for the purchase was given. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to China in early February to continue the negotiations. Another face-to-face meeting between Trump and Chinese President Xi Jinping is also expected to happen before the March 1 deadline. Without a deal by that time, the U.S. will raise tariff rates on Chinese products.
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