Trump Says He Would Meet Xi Again, Hails China Soybean Purchases

China led by President Xi Jinping has been accused of engaging in unfair trade practices

President Donald Trump said on Tuesday that China was buying a "tremendous amount" of US soybeans and that trade talks with Beijing were already under way by telephone, with more meetings likely among USA and Chinese officials, Trend reports referring to Reuters.

The latest USA moves follow debates within the Trump administration about imposing sanctions on Chinese entities caught stealing U.S. intellectual property through cyber attacks, three people familiar with the matter said. A second trader with direct knowledge of the deals said Chinese state-owned firms bought at least 12 cargoes for shipment between January and March.

Chinese state-owned companies bought at least $180 million of soybeans, two USA traders said. Articles appear on euronews.com for a limited time.

From 2011 to 2018, more than 90 per cent of the DOJ's cases alleging economic espionage by a state have involved China, and more than two-thirds of trade secret thefts have a nexus to China, Assistant Attorney General John Demers said.

Trump has imposed import taxes on $250 billion in Chinese products - 25 percent on $50 billion worth and 10 percent on the other $200 billion.

China has already slapped tariffs on $110 billion in US goods.

The USDA reported export sales of US soybeans in the week to December 6 at 792,300 tonnes for the 2018/19 crop and 3,000 for the 2019/20 crop, in line with trade expectations.

It is a step toward cooling the rising trade tensions between the two countries, but its actual effect on USA automakers may be limited, said Kristin Dzichek, an analyst with the Center for Automotive Research.

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US soybean farmers had long seen China as a favorite destination-for their crops. Trump told Reuters on Tuesday that China was buying a "tremendous amount" of USA soybeans and that trade talks with Beijing were already under way by telephone, with more meetings likely among US and Chinese officials.

On Tuesday afternoon, US time, Trump curiously tweeted "Very productive conversations going on with China!"

US farmers welcomed the deals. "Any business that we can put together we're pretty grateful for".

The office of the US Trade Representative, which is leading the discussions, did not respond to a BBC request for comment.

China reportedly bought more than 500,000 tons of U.S. soybeans, worth around $US180 million.

The 25 percent tariff on USA soybeans Beijing imposed on July 6 remains in effect. The country uses the beans as feed for the large number of hogs in China and had been relying on producers like Brazil and Argentina to meet the shortfall. Brazil will start harvesting its next crop in early 2019 - leaving a window for the U.S.to sell.

"I think they're looking to do it immediately, very quickly", he said in the interview. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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