Citing a Chinese government source, CNBC’s Beijing Bureau Chief, Eunice Yoon, explained that China has likely agreed to buy around $40 – $50 billion worth of US agricultural products but couldn’t acknowledge it publicly to avoid a possible backlash.
Regarding the tariff rollback, “China says tariffs phased out “step by step”. US says no promises. (Explained to me US believes rollback would be conditional. Chinese belief is they can meet conditions so China sees tariffs phasing out. So no real disagreement.),” Yoon tweeted out.
These remarks had little to no impact on the market sentiment. As of writing, the 10-year US Treasury bond yield was up around 1% on the day and the S&P 500 futures were up 0.3% to suggest that Wall Street is likely to open the day in the positive territory.
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