Hoeven: President Signs Phase-One Trade Deal with China Benefiting Agriculture
Senator Joins President at Signing Ceremony
WASHINGTON – Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee and a member of the Senate Agriculture Committee, today joined the President and Chinese leaders as they signed the phase-one trade agreement, which among other things, requires China to ramp up its purchases of U.S. agricultural products.
“This agreement is very important for our farmers and ranchers, as China has agreed to purchase $40-$50 billion in agriculture products as well as reduce barriers,” said Hoeven. “We’ve repeatedly made the case to the Administration about the importance of securing ag purchases as part of any agreement with China, because we need to recapture the Chinese market for crops like soybeans, as well as expand it for products like beef. This phase one agreement is good for our producers and our economy.”
Hoeven has repeatedly outlined to the Administration the importance of restoring agriculture sales for crops like soybeans, which China is buying from other markets, and to reduce non-tariff barriers on agriculture products like beef, as part of an agreement with China.
Under the agreement, China committed to increase purchases of U.S. agriculture goods to $40-50 billion in 2020 and 2021, including crops like soybeans and wheat, but also beef, pork and dairy. The agriculture purchases are part of an overall commitment by China to increase purchases of all U.S. goods over a 2017 baseline by $200 billion over the next two years.
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