Vice presidential candidates Mike Pence and Kamala Harris drew a clear line Wednesday night on the U.S.-China trade war with Pence conveying a position of strength and Harris decrying the damage done to American farmers and manufacturers.
China’s imports of U.S. agricultural commodities are rising steadily, but the pace is still well below where it needs to be for the Chinese to meet its first-year commitments under the “phase one” trade pact that went into force in February, according to data analyzed by Agri-Pulse.
A World Trade Organization panel ruled Tuesday that the U.S. broke its international commitments by circumventing the WTO dispute system and hitting China in 2018 with tariffs on $234 billion worth of its goods.
The U.S. will be losing one of its staunchest advocates in China for U.S. beef, ethanol and other farm goods in early October. That’s when Ambassador Terry Branstad says he is stepping down from being the top U.S. representative in Beijing.
China has been ramping up its corn and soybean purchases in recent weeks, but USDA's latest trade data show Chinese imports through July this year are still below 2018 levels and are far from the pace needed to meet goals set in the “phase one” trade pact.
The USDA announced Tuesday that Chinese importers contracted to buy hefty new amounts of U.S. corn and soybeans just hours after top U.S. and Chinese trade officials met Monday night to review progress of the “phase one” trade pact.