Home News Michigan Ag News China First Year Phase One Agreement Ag Purchases Aimed at $20B

China First Year Phase One Agreement Ag Purchases Aimed at $20B

The phase one agreement with China would boost U.S. ag exports to at least $20 billion in its first year.

The overall agreement includes $40-50 billion of U.S. farm commodity sales to China over a roughly two-year period.

China claims it would aim to buy at least $20 billion worth in the first year, if the agreement is signed, according to Bloomberg News.

$20 billion would boost U.S. export sales to China back to levels seen before the tit-for-tat trade war began.

China imported $9.1 billion of U.S. farm products in 2018, down from the 2017 level of $19.5 billion.

China and the U.S. are working out the details of the limited phase one agreement that could be signed next month.

Meanwhile, Vice President Mike Pence delivered a closely watched speech on China in Washington, D.C. Thursday.

In his remarks, Pence called on China to “start anew by ending the trade practices that have taken advantage of the American people for far too long.”