China is once again opening its doors to the United States - a clear message of cooperation - as two of the world's biggest economic superpowers reignite their interest in the soybean trade.
Chinese state media on Sunday disclosed that several million tons of soybeans from the U.S. have started pouring into China's market since economic delegates of the two countries met last month.
The trade tussle between Washington and Beijing has stifled the export of American crops to its Asian counterpart, with sales of soybean plunging sharply after Chinese economic officials imposed 25% tariffs on U.S. cargoes.
New orders
China's CCTV reported that the country's ministry of commerce has enquired with American suppliers for the order of soybeans, even pork, on top of agricultural products since the middle of this month, and sales have been completed.
The Chinese state broadcast said that as long as agricultural products coming from the U.S. are of good quality and are priced reasonably, their American trade counterpart can expect of "more new purchases", CCTV bared.
Chinese Customs officials said they are processing applications of companies involved in the agricultural sales for tariffs exemptions, proof of the government's willingness to support American produce and keep their word on an agreement between U.S. President Donald Trump and Chinese leader Xi Jinping during last month's G-20 Summit in Japan.
Tariffs and talks
Based on data by the U.S. agriculture department, 1.01 million tons of soybeans were exported to the Chinese market from mid-June to July 18. These shipments are part of purchases made in the first quarter of 2018. New data will be released by the USDA this week.
This week, U.S. and Chinese trade officials are scheduled to meet in Shanghai, marking to the first time since Osaka trade summit, with more discussions to set July 30. Washington said earlier it would include on its tariffs exclusions some 110 Chinese products, including medical equipment.
Russia, too
In other developments, China has given the go signal for Russian wheat imports, Chinese Customs officials on Friday said, adding the Russians to its growing list of increasing grain exports.
China's Customs ministry also approved imports of soybeans from all parts of Russia, especially the Kurgan province, having all but cut U.S. soy imports since the trade war between Washington and Beijing began.
Russian economic planners see the country's agricultural sector to export 50 9 million tons of grain, including 32 million tons of wheat, according to SovEcon, one of the country's top agricultural consultancy firms. Six other Russian regions have already been exporting wheat to China.
