U.S. and Chinese negotiators still aim to finish the "phase one" trade deal by mid-November despite the cancellation of a summit in Chile where President Donald Trump and Chinese President Xi Jinping had planned to sign the pact, Deputy Agriculture Secretary Steve Censky said Wednesday.
Chilean President Sebastián Piñera said Wednesday that the Asia-Pacific Economic Cooperation summit is being cancelled “to ensure order and social peace” as massive street protests continue to rock Santiago, where the APEC leaders meeting was scheduled for Nov. 16-17, but Censky said that will have no effect on the U.S.-China trade pact that is promised to boost U.S. ag exports by billions of dollars.
“Everything is still all systems go” for the negotiators who are still ironing out details of the pact, Censky said, adding that negotiators from both countries continue to work this week on finishing it by mid-November.
Trump and administration officials have said the deal will include Chinese pledges to make structural reforms that increase U.S. access to its agricultural markets. Trump predicted that China will be buying $40 billion to $50 billion in U.S. ag commodities annually as a result of the trade pact, but no details have yet been released.
U.S. farm leaders say they want to see the details, but are excited about the prospect of long-term improvements to U.S.-China trade and confident U.S. farmers and ranchers can ramp up production to take advantage of increased access.
For more news, go to www.Agri-Pulse.com
