Hoeven Statement After President Announces Phase One Trade Agreement with China, Deal Includes $40-50 Billion Purchase of U.S. Agriculture Products

BISMARCK, N.D. – Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee and a member of the Agriculture Committee, issued the following statement after the President announced that he has reached an agreement in principle on the first phase of a trade deal with China. The first phase agreement includes Chinese purchases of $40 to $50 billion in U.S. agriculture products. According to the president, the agreement is expected to be finalized by mid-November.

“Today’s phase one agreement with China, which includes Chinese purchases of $40-50 billion in U.S. agriculture goods, is welcome news for our farmers and ranchers,” said Hoeven. “We appreciate the president’s efforts to secure phase one of the trade deal, as well as agreements with Japan and the EU. We encourage the administration to continue advancing trade negotiations with China. At the same time, we need the House of Representatives to ratify the USMCA, which needs to originate in the House, to provide our producers with greater certainty and access to markets.”