Trump praises trade deals at American Farm Bureau Federation convention

Lighthizer says the agreement is ‘the new gold standard’ for future trade

"Under President Trump's leadership, USTR and USDA negotiated an agreement that will deliver a more certain future for our dairy farmers and rural economy", said Jim Mulhern, President and CEO of NMPF.

The good news for Trump is an impromptu text message poll conducted by the 142 year-old magazine, Farm Journal, shows 83 percent of farmers and ranchers approve of his job performance. The farmers are sticking with trump. "With this trade deal complete, negotiators can now turn their attention to other key markets around the world in order to gain further ground for USA dairy".

The president's appearance at the conference is his third in as many years, underscoring the political importance the White House places on the nation's approximately 3 million farmers.

US soybean suppliers will continue to face stiff competition for sales to China from a probable record-large Brazilian crop, which farmers will begin harvesting in the coming weeks.

While Washington and Beijing have inked their trade pact, China hasn't specified how much of each American product it will import, and it's not clear that the deal will substantially exceed agricultural purchases the country was making before the trade war began.

"But it is unclear whether China can buy, or the USA to supply, additional goods and services on the scale set out in the Phase 1 deal".

"Imports from the U.S. are targeted to increase by US$77 billion from the 2017 baseline in 2020, and by US$123 billion from baseline in 2021, with the largest increases for manufacturing and energy".

He also described the trade agreement with China as "groundbreaking" and said, "We're going to sell the greatest product you've ever seen". In exchange, the U.S. has agreed to reduce tariffs from 15% to 7.5% on $120 billion in Chinese products. In December 2019, the Trump administration said it won't impose tariffs on $160 billion worth of Chinese imports as part of the phase one agreement.

China and the United States formally signed their phase-one economic and trade agreement in Washington last week, defusing tensions between the world's two largest economies after almost two years' strenuous negotiations.

But any political momentum over Mr. Trump's handling of China could fade if Beijing fails to follow through on its commitments to increase its US imports by $200 billion over two years. There were a lot of speeches, but the decoupling of the US and Chinese economies is still in motion; Phase One is a truce in a much longer struggle for global mastery between the world's two major powers, the United States and China.

The latest Farm Journal survey was based on 1,286 responses from 5,000 farmers who asked their opinion via text. Respondents were mostly located in the Midwest Corn Belt States like Illinois, Iowa, Indiana and Nebraska.



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