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U.S. and China could reach trade deal soon

The U.S. and China appear to be nearing a trade deal.

The Wall Street Journal reports that China is willing to lower tariffs on ag goods and the U.S. is considering removing tariffs on Chinese products.

Ag Secretary Sonny Perdue says a trade breakthrough with China could result in China buying a bigger variety of ag commodities.

“Not only the cereals, feed grains, soybeans, and sorghum, I think you may see rice, beef, livestock, ethanol, DDGs and we think many of the specialty crops from tree nuts and others could be restored as well,” he says.

But Perdue, speaking to reporters at Commodity Classic was cautious about a deal, saying he didn’t want to raise expectations.

“I think it will be over very successfully when President Xi and President Trump meet or it will be over very detrimentally when they meet,” he says.

President Trump and Chinese President Xi plan to meet this month to finalize a trade deal.