(Beijing)

It looks like Trump’s efforts to put pressure on China over trade might be paying off. In what we think looks like a significant concession, Beijing has just offered to buy an extra $70 bn of US goods if Trump agrees not to impose the tariffs he has threatened. Trump has said he wants China to cut its trade surplus with the US by $200 bn. The $70 bn would mostly go to US agricultural products, energy, and manufactured goods.

FINSUM: China just made an offer that amounts to over 33% of what Trump demanded. That seems like a pretty good step.