China wants US to remove retaliatory tariffs to reach $50 bn imports of US goods - report
Bloomberg reports, citing people familiar with the matter
The report says that China has mentioned that it will struggle to buy $50 billion of US farm goods annually unless the US removes retaliatory tariffs that have been put in place since the trade war began.
Adding that Beijing is willing to start purchasing more US agricultural products as part of the "Phase One" trade deal but is not likely to reach the $40-$50 billion touted by Trump under current circumstances.
Give someone an inch, and they'll ask for a mile. That's the phrase that comes to mind.
If anything else, the above highlights that there is still quite some distance between both countries on any firm deal as now China wants the US to take away all tariffs. I don't think Trump will be happy if China adopts this as their official stance.
Risk trades are taking a knock here with USD/JPY falling to a low of 108.20 with the aussie and kiwi also slipping to session lows.