China will follow through with the billions of dollars in additional ag purchases that it promised to make as part of the “phase one” trade pact with the U.S., but the coronavirus outbreak may delay the sales, Agriculture Secretary Sonny Perdue told reporters Thursday.
Farmers are expected to produce record amounts of meat, milk and major crops this year as the agriculture economy rebounds from 2019’s trade and weather disruptions, but exports are forecast to rise relatively modestly in coming months despite the new trade deal with China, USDA says.
The Trump administration has laid out a lengthy list of its complaints and demands for changes in the World Trade Organization’s appellate body five months ahead of the WTO’s twelfth ministerial meeting that will be held in Kazakhstan.
U.S. farmers and ranchers will have to wait longer for the expected surge of Chinese purchases agreed to under the "phase one" trade deal as the country grapples with trying to stop the spread of the coronavirus, National Economic Council Director Larry Kudlow said Tuesday.
The top trade official in the United States says he is aware of reports about the impact of the coronavirus on China's ability to fulfill commitments made during recent trade negotiations but has yet to formally hear from his counterparts there.
Ag Secretary Sonny Perdue is leaving a week of meetings in Europe with a sense of optimism about a potential trade deal with the bloc of countries there, but familiar issues will need to be addressed if there is to be an agreement.
China has committed to buy at least $80 billion in U.S. farm products over the next two years and the country also agreed to sweeping structural changes that promise to improve trade on a more permanent basis for U.S. beef, pork, rice, corn, wheat, soybeans and other commodities.