Friday, the United States reached a limited trade agreement with China that would pave the way for resolutions on broader issues later in the year. President Donald Trump told reporters in the Oval Office that it’s a very substantial phase one deal. It’ll take three to five weeks to get it written down on paper. China agreed to purchase as much as $40 to $50 billion worth of U.S. commodities. Iowa Soybean Association President Lindsay Greiner says it’s great news for America’s farmers and ranchers.
China also agreed to certain intellectual property measures as well as concessions related to financial services and currency. Greiner says that’s all positive but what’s most positive is the purchase of ag goods.
He says having this tentative deal with China is another trade win for the President along with the recent ag trade deal signed with Japan.
The U.S. had been threatening to increase tariffs Tuesday on approximately $250 Billion of Chinese goods upping the duties from 25 to 30 percent.
