China is offering to increase its purchases of U.S. agricultural products such as soybeans as China seeks an interim agreement with Washington, D.C. the Financial Times reported Wednesday.
Chinese Vice Premier Liu He is scheduled to begin two days of talks Thursday with the U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the publication said.
Both countries hope to avoid another round of tariff hikes scheduled to take effect Oct. 15.
The FT reports that Liu’s team is offering to boost annual purchases of soybeans from 20 to 30 million tonnes. The extra purchases would be equivalent to about $3.25 billion in orders at current rates.
The iShares FTSE/Xinhua China 25 Index (NYSE: FXI) was trading up 1.54% at $40.30 in Wednesday's market session.
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