U.S. Trade Representative (USTR) Jamieson Greer said that the U.S. and China have reached an agreement on a subset of goods.Greer, during his appearance on CNBC's "Squawk Box" on Friday, stated that the agreement includes a selection of goods that will be traded on more favorable terms between the two largest economies in the world.He revealed that the agreed-upon goods include American agricultural products and medical devices, as well as non-sensitive Chinese consumer goods. "We've actually reached agreement with the Chinese on a number of these things," said Greer.
He stated that the two countries aim to establish "preferential" trade terms for certain goods, potentially shielding them from future tariffs or broader trade disputes.The Trump administration plans to provide "a lot more details" on Monday, offering insight into the progress made during negotiations over the past several weeks, Greer noted.
US-China Talks Seek Broader Deal
The comments by Greer come on the heels of a state dinner hosted by President Donald Trump for Chinese President Xi Jinping at the White House on Thursday.
Before that, Treasury Secretary Scott Bessent had announced that the U.S. and China agreed to extend their trade truce, the Busan Agreement, by two months to Jan. 10. This extension is aimed at giving both sides more time to work toward a potentially larger trade deal.China is on track to meet its commitment to buy 25 million metric tons of U.S. soybeans annually, with nearly 10 million tons confirmed by Sept. 10 and additional purchases likely, Reuters reported on Thursday, citing the U.S. Department of Agriculture.Its broader pledge to import $17 billion annually in other U.S. farm goods, however, remains uncertain. China has yet to buy U.S. corn for the current season, while sorghum purchases have lagged expectations, the report stated. The National Sorghum Producers is urging Trump to secure a binding annual commitment for China to buy 5 million to 7 million tons of U.S. sorghum.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.