The agricultural industry is awaiting details of the Phase One deal between the U.S. and China to be signed January 15 at the White House. NDSU Extension Crops Marketing Specialist Frayne Olson says China has not confirmed the signing date as they’re waiting for internal government approval before making an official announcement. There are also no specifics on the $40 billion shopping list and Olson says that language may not be made public to protect the market.
He says the industry wants to know if there is a sunset provision for the deal. Plus, the scope and definition of agricultural products and if freight is included in the $40 billion value.
Olson says the tariffs China imposed against U.S. imports will remain in place, but they will issue tariff free import licenses for specified volumes of products.
According to Olson, China has the ability to buy $40 billion a year of products and he believes they will uphold the agreement.
