Good news! The assumption that Chinese trade negotiators canceled their plans to visit US farms because something had gone awry in talks with the US side was erroneous.
Or at least that’s the story Beijing is going with following the Friday swoon in US equities occasioned by the unexplained itinerary change.
The Chinese delegation led by Vice Minister for Agriculture and Rural Affairs Han Jun, planned to visit Bozeman, Montana and Omaha, Nebraska, following working-level talks aimed at setting the stage for principal-level discussions next month, but at the last minute, the Montana Farm Bureau and the Nebraska Department of Agriculture, were notified that their prospective guests would be returning to China earlier than expected.
The timing left something to be desired. The news crossed just an hour after Donald Trump, during a joint press conference with Australia’s Scott Morrison, said he didn’t need a deal with China before the 2020 election, and appeared to cast doubt on the idea that an “interim” deal is possible.
Ultimately, it was the second worst day of the month for the S&P and last week was the first weekly loss in September.
Well, according to China Business News, the Chinese delegation’s change of plans wasn’t related to any acrimonious discussions with US officials or, one assumes, to Trump’s off-the-cuff remarks during the press time with Morrison.
In fact, the change in schedule didn’t have anything at all to do with trade talks, CBN said, citing the above-mentioned Han Jun.
The US, the vice agriculture minister said, will keep the farm visit invitation open, and the Chinese will consider it “in another arrangement”.
The offshore yuan rose on the news in the earliest of early trading.