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Shining Light on Farm & Food Policy for 20 Years.
Friday, April 19, 2024
China’s Finance Ministry announced today the country will raise tariff rates on $60 billion worth of U.S. products, an expected trade war escalation after the U.S. increased import taxes on Chinese goods Friday.
The optimism coming out of the White House and USDA for a U.S. deal with China to end the trade war has been growing for months, but the rosy outlook dimmed this week because of a new rift between both countries’ negotiators.
The U.S. and China have settled on a way to enforce agreements made in a pact to end the trade war between the two countries, U.S. Treasury Secretary Steven Mnuchin said Wednesday in a CNBC interview.
China may agree to buy more U.S. agriculture commodities and lift onerous trade barriers in the ongoing talks, but unless negotiators can agree on an effective way to make sure the Chinese live up to their promises, any final deal would be worthless.
China agreed to buy an additional 10 million metric tons of U.S. soybeans as negotiators from both countries agreed to extend the latest round of trade talks to go through the weekend, a sign that significant progress is being made to end the trade war, President Donald Trump said Friday.
China needs rice imports, U.S. farmers are anxious to sell more rice and it might not be long before the countries are doing business after more than 20 years of haggling over details of opening up trade.
China pledged to immediately begin ramping up U.S. soybean purchases by buying at least 5 million tons, Vice Premier Liu He announced today in the White House after two days of negotiations.
