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.
Chinese Vice Premier Liu He is set to sign a landmark, partial trade deal in Washington this week that could be crucial to reviving a farm economy that has been dependent on an infusion of government payments to offset the damage from the U.S.-China trade war.
China has agreed to make significant policy changes to tear down non-tariff barriers to U.S. farm commodities under the trade deal expected to be signed early next year, according to industry sources who were briefed on the pact and government officials with knowledge of the briefing.
China has agreed to purchase $40 billion to $50 billion in U.S. agricultural commodities annually for two years as well as remove significant ag trade barriers, a senior Trump administration official told reporters Friday.
U.S. and Chinese negotiators have agreed to eliminate some tariffs “in phases” as talks continue to finalize a partial Phase One trade deal, a spokesman for China’s Commerce Ministry said Thursday at a press conference in Beijing.
The United States and China have agreed to a tentative trade deal that addresses biotechnology and other key agricultural issues while substantially boosting U.S. farm exports, President Donald Trump said Friday.
The next round of high-level U.S.-China trade talks are on schedule for next month despite the White House axing Chinese plans for a key official to tour U.S. farms and processing facilities this week.
High-level U.S. and Chinese agricultural trade officials are prominent in the bilateral trade talks this week as Gregg Doud, the top ag negotiator for the U.S. Trade Representative, and Han Jun, China’s vice minister of agriculture and rural affairs, met together with others at USTR's Washington headquarters Thursday.
The trade war between the U.S. and China could go on for months or years, according to erratic statements from the White House, but for the first time in weeks, there is renewed optimism because China has agreed to new negotiations.