Trump suggests China reduce US trade deficit by buying soybeans
"China is worried about its shortage of soyabeans. Our great farmers produce the most robust soyabeans. I hope China will quickly quadruple its soyabean orders.
"This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you, President XI," Trump wrote on Truth Social, reported Sputnik/RIA Novosti.
China and the US are currently in a state that media dubbed a trade war, which erupted after Trump imposed a 10 per cent tariff on all Chinese imports in February.
In March, it was raised to 20 per cent. Then, after several rounds of retaliatory measures, US tariffs on Chinese goods reached 145 per cent, and the rate for American suppliers to China hit 125 per cent.
However, by mid-May, China and the US agreed to mutually reduce tariffs to 10 per cent, effective May 14, for 90 days.
As a result, China began imposing a 10 per cent tariff on imports of American goods, while the US levies 30 per cent on Chinese goods because a 20 per cent "fentanyl" tariff remains in effect. In late spring and early summer, both countries accused each other of violating preliminary agreements.
In June, US imports of Chinese goods fell by 7.5 per cent to US$18.95 billion from US$20.49 billion in May. The last time imports were lower was in February 2009, when they amounted to US$18.85 billion.
Meanwhile, US exports to China in June grew significantly - by 44 per cent, to US$9.44 billion from US$6.55 billion the previous month. -- Bernama-Sputnik/RIA Novosti
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