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Chinese commit to additional soybean purchase, as talks stretch into the weekend

China has committed to buying an additional 10 million metric tons of U.S. soybeans.  That was one of two breakthroughs in trade negotiations announced Friday between China and the U.S.  The other is the two countries have reached a “final agreement” to stabilize currency.  Ag Secretary Sonny Perdue confirmed the soybean purchase agreement, saluting President Trump for bringing China to the bargaining table and complimenting the show of good faith by the Chinese.

Talks between U.S. and Chinese negotiators continued through the weekend after President Trump and Treasury Secretary Mnuchin said Friday the talks were going well. 

Trump also said he remains open to extending his March 1st deadline for a deal, meaning he will consider holding back further tariffs if the two sides are close to agreement.   The President told reporters they’re going, “very deep into the trade and covering items that a lot of people wanted to cover and nobody thought we would ever get to.”  Both sides believe an agreement will be reached.  Chinese Vice Premier Liu He spoke through a translator saying, “We believe that it is very likely that it will happen and we hope that we’ll have a deal.  The Chinese side is ready to make our ultimate effort.”