Brazilian officials on Monday touted President Luiz Inacio Lula da Silva's meeting with China's President Xi Jinping in Beijing as a chance to lure investment and boost Brazilian exports to a country frustrated with U.

Brazil’s Luiz Inacio Lula da Silva insists he doesn’t want to pick between the US and China as his two largest trading partners wage a trade war. But it’s increasingly clear which side he’d choose if forced.

Teixeira said China is the largest buyer of Brazilian agricultural products, with imports reaching $49 billion last year. Meanwhile, Brazil is also a major importer of Chinese agricultural products, as both countries continue to deepen trade and technological cooperation in the sector.