Agriculture Secretary Says Trump China Trade Deal Is Working Well
China’s purchases of US farm products this year is on a historic pace. China is notably increasing its purchase of major American farm crops. The Office of the U.S. Trade Representative and the U.S. Department of Agriculture are jointly releasing the latest statistics from the U.S. China farm trade.
Agriculture Department Secretary SonnChina has already purchased more than $23 billion in farm products this year.y Perdue says that amounts to about 71% of the obligations China agreed to as part of the U.S. - China Phase One Economic and Trade Agreement. Purdue is applauding the results of the trade deal as more than simply beneficial to US farmers. “This China Phase One Agreement is proof President Trump’s negotiating strategy is working. While it took China a long time to realize President Trump was serious, this deal is a huge success for the entire economy.”
Secretary Perdue says the new trade agreement is allowing American farm producers to be involved with the global commodities market in a way that evens the playing field and gives them an equitable position in the world marketplace. Perdue says the agreement negotiated by the Trump administration is supporting higher farm product prices and is helping to boost rural economies nationwide. “This agreement finally levels the playing field for U.S. agriculture and is a bonanza for America’s farmers,” he said.
Agriculture Department analysts are predicting American farm product sales to China this year will hit record or near-record levels for everything from alfalfa hay, peanuts, pecans, pet food, and even prepared foods and pet food products.
Highlights outlined by the government report include:
Corn: Outstanding sales of U.S. corn to China are at an all-time high of 8.7 million tons.
Soybeans: U.S. soybeans sales for marketing year 2021 are off to the strongest start in history, with outstanding sales to China double 2017 levels.
Sorghum: U.S. exports of sorghum to China from January to August 2020 totaled $617 million, up from $561 million for the same period in 2017.
Pork: U.S. pork exports to China hit an all-time record in just the first five months of 2020.
Beef: U.S. beef and beef products exports to China through August 2020 are already more than triple the total for 2017.