Ag Agreement With China

U.S. Representative Cindy Axne, D-Iowa, a member of the House Agriculture Committee, said she would closely monitor the implementation of the agreement “to ensure that Iowans get what they`re promised.” “This government must reach an agreement that will be enough to compensate for what Iowa farmers have lost,” Axne said in a statement. “We have seen China return to its word and any agreement must reflect the need for safeguards and enforcement mechanisms to protect the future of our farmers.” The agreement also provides for a system for resolving trade disputes between the two countries. And now that coronavirus or COVID-19 is spreading from China to other parts of the world, including the United States, people are increasingly skeptical that the trade deal will produce what has been promised. NEW YORK – Seven months after the United States and China signed a tentative agreement to ease their trade war, Beijing`s purchases of U.S. agricultural products have not yet met the agreement`s goal. “Soybeans broke after that,” said Terry Reilly, senior commodities analyst at Futures International. “If the market dictates,” it means they cannot come back for 36 months. Who knows? This means that they need it and that the price is right.┬áMore closely on Chinese agricultural imports, Bloomberg author Alfred Cang said on Monday: “Chinese imports of pork rose by 75% in 2019 to a record high when the government tried to cut prices after African swine plague ravaged herds.” The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years. It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation.

The United States has agreed to substantially amend its customs measures in accordance with Section 301. “In an agreement signed Wednesday at the White House, China committed to import at least $12.5 billion more in agricultural products this year than in 2017, rising to $19.5 billion next year. China will also seek to buy an additional $5 billion in agricultural products per year. This could bring a total of purchases next year to the $50 billion mark. Trump called the agreement “the transformation agreement that will bring enormous benefits to both countries.” The agreement defused a bitter trade war between the world`s two largest economies, but human rights disputes, the COVID 19 crisis and technology have weighed on relations between Washington and Beijing, raising doubts about the prospects for deepening the agreement in a second phase. Trump said he would soon visit China as soon as both sides try to negotiate a broader deal to resolve unresolved issues, such as complaints that China would subsidize its companies to give them an unfair advantage over foreign companies.