USTR releases China export figures so far under Phase One Trade deal
The U.S. Trade Representative says so far, China has purchased over 23-billion-dollars’ worth of agricultural products, or around 71% of its target under the Phase One Trade Agreement.
The report Friday from Robert Lighthizer’s office says sales of corn to China are at an all-time high of 8.7 million tons, and soybean sales for the current marketing year are off to the strongest start in history. The report also shows strong sales for sorghum, record pork exports from January through May, and three times more beef sales than 2017.
The USTR report also projects record or near-record sales for other U.S. agricultural products to China, including pet food, alfalfa hay, pecans, peanuts, and prepared foods.
Lighthizer’s team says China has implemented 50 of 57 technical commitments designed to cut structural barriers to trade.
Ag Secretary Sonny Perdue says the Phase One Agreement is proof President Trump’s negotiating strategy is working and calls it a huge success for the entire economy.