Trump hits out at China over slowing agricultural purchases


-China tariff war continued to grow in May 2019, with the gap between the pre-trade war trend and the trailing twelve-month average of the total valuation of goods and services directly traded between the two nations widening to $8.3 billion for the month.

If Friday's trade data are in line with the downbeat forecasts or worse, it could spark concerns about a sharper-than-expected slowdown in China and the risk of a global recession.

Trump complained Thursday that China hasn't boosted its purchases of us farm products, a promise he claims he secured in a meeting with his counterpart Xi Jinping in June. Beijing retaliated with its own penalties and ordered importers to find non-U.S. suppliers.

When it comes to Chinese purchases of US agricultural goods, signs are growing that President Donald Trump won't get what he wants anytime soon.

China bought 127,800 metric tons of United States soybeans last week, the equivalent of about two cargoes and a 79 per cent reduction from the previous week.

Washington is pressing Beijing to roll back plans for government-led creation of Chinese global competitors in robotics, electric cars and other technologies.

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Mr Xi and Mr Trump agreed to restart trade talks between their countries at the meeting, and the U.S. president said he would hold off on imposing additional tariffs on Chinese imports. It gave no details or a date for more contacts.

"Our base case remains that trade talks will break down again before long", said Julian Evans-Pritchard of Capital Economics in a report. Trump stated that trade negotiations would resume and that there would be no new import tariffs on Chinese products.

Trade weakness has added to pressure on Xi's government to shore up economic growth and avoid politically risky job losses. He said on Twitter that "China is letting us down".

The Trump-Xi truce calmed jittery financial markets. "Hopefully they will start soon!" But the cease-fire is under strain: Each side has complained the other isn't living up to commitments made when the leaders met June 29 at the Group of 20 summit in Osaka, Japan.

China has rejected a USA demand to increase agricultural purchases beyond the number Trump and Xi agreed to in Argentina previous year, according to Wang Huiyao, an adviser to China's cabinet. "While a deal makes sense for both sides this year, it's far from guaranteed and could hit many more snags".