Update on Trade Deal with China
China continues to make large purchases of soybeans, but rumors this week of a bilateral agreement break down has put trade representatives on the defensive.
U.S. Trade Representative Robert Lighthizer states, “They took 57 commitments and they’ve already followed through on 50 of them, so it’s a massive change. It’s really, really going to have a positive effect for farmers and ranchers in this country, and we’re excited about it.” Once Phase One is complete, Lighthizer adds that Phase Two will commence, but he did not specify a time line.
This week, China placed export restrictions on some U.S. food processors, in response to rising outbreaks of COVID-19. U.S. Secretary of Ag, Sonny Perdue and Stephen Hahn, the FDA Commissioner, released a statement saying: “There is no evidence that people can contract COVID-19 from food or from food packaging. The U.S. food safety system, overseen by our agencies, is the global leader in ensuring the safety of our food products, including product for export.”