Published: Mon, January 20, 2020
Global News | By Blake Casey

Pork to Save the Bacon of the US-China Trade Deal

Pork to Save the Bacon of the US-China Trade Deal

The Phase 1 trade deal with China was meant to reduce tensions after 18 months of a tit-for-tat tariff war between the world's two largest economies that has hit global growth. The Phase 1 agreement will leave in place 25 percent tariffs on US$250 billion of Chinese industrial goods and components used by United States manufacturers, and China's retaliatory tariffs on over US$100 billion in U.S. goods. While addressing a rally in Austin, Texas, Trump reportedly said that the deal is an "incredible success" for the entire country as it is much bigger and better than he had ever thought.

The president has attended the AFBF Convention which features discussion about policies affecting farm and agricultural businesses for three consecutive years.

"I think it's going to work out and I think China is going all out to prove that the agreement that we signed is a good agreement", he added.

At the White House ceremony, Trump said that "together we are righting the wrongs of the past and delivering a future of economic justice and security. With this trade deal complete, negotiators can now turn their attention to other key markets around the world in order to gain further ground for US dairy".

The two sides announced that they had reached an agreement on Dec 13, 2019 - two days before higher United States tariffs on Chinese imports were due to take effect. "They couldn't believe they were getting away with what they were getting away with".

Fitch Ratings Inc stated that full impact of the partial agreement will depend on the implementation of the deal, including whether China could meet its commitment to increase imports from the USA and trade diversion effects on other exporting economies.

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Trump's visit comes just two days before his impeachment trial is set to begin in the Senate.

Phase one has China agreeing to buy $12.5 billion worth of US agricultural goods in 2020 and $19.5 billion in 2021.

The most hard issues remain to be dealt with in "phase two" negotiations, including China's massive subsidies for state industry.

Additionally, a senior administration official told reporters on January 16 that China has not made any specific commitments to cut tariffs it has imposed on USA goods in retaliation.

Trump signed a preliminary trade deal with China at the White House last Wednesday that commits Beijing to boosting its imports of USA manufacturing, energy and farm goods by $200 billion this year and next. The country had imported more than two-thirds of the crop before the dispute. "Full compliance is essential to achieving more fair trade with Canada and protecting American-made cheeses in Mexico".

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