News
Trump signs “Phase One” of trade deal with China
President Trump says he knows U.S. farmers can reach the $50 Billion dollars in ag exports to China as part of the newly signed phase one trade deal. At the White House ceremony today Trump said he pushed for that number. “They say sir, our farmers can’t produce that much,” he says. “I said – I love our farmers let them tell me they can’t do it. And I said tell them to go out and buy a larger tractor and buy a little more land. But they’ll be able to do it. I have no doubt they’ll be able to do it.”
Trump says the deal will include a wide variety of ag purchases. “China will not welcome American beef and pork, poultry, seafood, rice, and dairy, infant formula, and animal feed,” he says. “Biotechnology and much, much more.”
The
interpreter for China’s Vice Premier Lui He said China will strictly honor the
agreement of buying $40 Billion in US ag goods each year but they would fall in
line with the market. “The two sides
have agreed, based on the market demand in China, in line with market terms, Chinese
business will purchase $40 billion worth of agricultural products from the US
annual,” she says. “If the demand is strong
– the companies may buy more.”
The text of the deal has not yet been released. President Trump says work is underway on Phase 2 and he’s positive the countries will get there. Tariffs on BOTH sides remain in place.
