"Bessent began, Well, Joe, the most important thing we're going to see is a meeting, a policy meeting, with President Trump and Party Chair Xi in Korea towards the end of the month. Bessent continued: So, it will be very helpful for them to be able to speak in person and set the framework for trade going forward. Our current trade agreement, we've been doing 90-day rolls with China, expires on November 10th."
"So, I think with President Trump's leadership and his relationship, the respect that Party Chair Xi has for him, that this round which would be our fifth round of talks should show a pretty big breakthrough and we can start talking about things, whether it's ag purchases And, Joe, to go back on the ag purchases, and President Trump's Phase One trade deal that was signed in January 2020 there were over 50 billion of ag purchases the Chinese followed through during President Trump's term in 2020. And then under President Biden, their feet were not held to the fire for these ag purchases. And at the meeting in Geneva, when I asked them, Why didn't you continue buying soybeans and the other products? They had one word. Buess what? It was Biden. Biden."
"Oh, that sounds like malarkey. Come on man!"
A policy meeting between President Trump and Party Chair Xi in Korea toward the end of the month could set the framework for future U.S.-China trade. The current 90-day roll trade agreement with China expires on November 10th, and negotiators anticipate a fifth round of talks that could produce a significant breakthrough. Potential topics include agricultural purchases tied to the Phase One deal. During 2020 roughly $50 billion of Chinese agricultural purchases occurred under the Phase One agreement, and those purchases slowed under President Biden. At a Geneva meeting, Chinese officials reportedly blamed Biden when asked about reduced purchases.
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