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China to boost US farm imports as it seeks partial trade deal: report

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China to boost US farm imports as it seeks partial trade deal: report

Chinese Vice Premier Liu He is expected to propose buying more U.S. agricultural products as part of a partial trade deal Beijing hopes to secure when the U.S. and China restart discussions tomorrow, the Financial Times reported, citing unnamed sources briefed on the matter.

China's proposal includes an offer to increase its imports of U.S. soybeans to about 30 million tonnes annually from about 20 million tonne, equivalent to about $3.25 billion at current prices, the FT reported. China would also make about 60 internal changes to non-tariff barriers surrounding beef, pork and lamb imports in response to U.S. demands.

"The Chinese are ready to de-escalate," the FT quoted one of the sources as saying. Beijing is hoping to clinch an interim deal similar to the U.S.-Japan partial trade accord, which set out an initial agreement on agriculture, the source said.

Meanwhile, Bloomberg News reported that China would only accept a limited trade pact as long as the U.S. halts any future tariff increases.

U.S. President Donald Trump previously said he prefers a whole agreement to an interim trade pact.

Liu is set to lead the Chinese delegation to the U.S. for the Oct. 10-11 trade discussions. The Trump administration is scheduled to increase tariffs on $250 billion of Chinese imports Oct. 15.

China's trade concessions come after the U.S. added a number of Chinese entities to a trade blacklist and imposed a visa ban on certain officials with ties to alleged Muslim abuse in Xinjiang province.