China reportedly aiming for $20.0bn per year of US farm product purchases

Beijing is aiming to return to the level of purchases of US agricultural products that preceded Washington's decision to impose tariffs, leaving the door open to a big increase once a final trade deal had been signed.

Citing people familiar with the matter, Bloomberg reported that China was aiming to buy at least $20.0bn of farm products if it inked at least a partial trade agreement and would consider further increases in future negotiations rounds.

In the second year of a final deal, when all punitive tariffs were removed, China's purchases might rise to between $40.0-50.0bn per year.

Bloomberg's sources did not specify when Beijing would consider that the first year had begun.

Earlier in the week, Chinese officials had already granted waivers from tariffs fo 10.0m tonnes of soybeans purchased from the US and, according to the same people, was considering a further 4.0-5.0m tonnes worth of waivers of grains, including wheat, corn, and sorghum.