President Donald J. Trump and Chinese Vice Premier Liu He on Wednesday signed “phase one” of a trade agreement between the United States and China.
The agreement includes a commitment from China to buy more American agricultural goods, including soybeans and pork.
In a statement afterward, Alabama Farmers Federation president Jimmy Parnell thanked the Trump administration and called the phase one deal “a step in the right direction.”
China has also reportedly pledged to increase its spending on all American goods by $200 billion over the next two years compared to 2017 levels. At least $40 billion of that total will be spent on U.S. farm goods, according to the administration.
“This trade deal is a step in the right direction and a welcome sign for our farmers who have been dealing with low commodity prices,” Parnell said. “We appreciate the administration fighting for better trade deals for agriculture.”
In a statement, American Farm Bureau Federation president Zippy Duvall echoed Parnell’s optimism about the agreement.
“Today’s signing is an important step in giving America’s farmers and ranchers the ability to get back to business in the global market,” Duvall remarked. “This agreement will help turn around two years of declining agricultural exports. The potential of tens of billions more in exports is welcome news for farmers who are eager to compete on a more level playing field.”
The agreement takes effect in 30 days.
You can read information from the White House here.
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn
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