Us China Agricultural Agreement
- Posted on December 19, 2020
- in Uncategorized
- by admin
However, according to the Peterson Institute for International Economics (PIIE), Chinese agricultural purchases at the end of June were far from where they were supposed to be at this time of year. “In an agreement signed Wednesday at the White House, China committed to import at least $12.5 billion more in agricultural products this year than in 2017, rising to $19.5 billion next year. China will also seek to buy an additional $5 billion in agricultural products per year. This could bring a total of purchases next year to the $50 billion mark. In a joint statement, the U.S. Trade Representative`s Office (USTR) and the U.S. Department of Agriculture (USDA) said China has so far purchased more than $23 billion in operating goods launching more than $23 billion, or about 71 percent of the Phase 1 target. China has also finalized 50 of the 57 structural changes it has decided to adopt to improve market access for U.S. exporters. As a result, U.S. beef and poultry exports increased significantly and milk exports increased by more than 20%.
Similarly, the number of U.S. facilities authorized to export agricultural products to China more than doubled to 3,500. And here are the main pages of the document that outlines China`s commitments to purchase additional agricultural and energy raw materials in the United States. #OOTT #oil #LNG #coal #OATT #soybean #corn #beef #pork pic.twitter.com/WUP2otqoRS The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currencies and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years. It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation. The United States has agreed to substantially amend its customs measures in accordance with Section 301. U.S.
President Donald Trump believes an increase in agricultural exports to China will give him more support in rural electoral districts, particularly in the Midwest. According to John Bolton, a former U.S. national security adviser, President Trump views China-U.S. trade relations from a purely economic and non-strategic perspective. He notes that President Donald Trump took office promising a strong trade deal with Beijing that would help reduce the U.S. trade deficit with China. In early 2020, a kind of agreement was reached, in which China pledged to increase its imports of U.S. products by $200 billion above 2017 levels.
Beijing has agreed to import $32.1 billion in U.S. agricultural products this year, but disruptions in international trade during the Covid 19 pandemic mean that this goal is unlikely to be achieved. It is not certain that there will be consequences for China not to meet this commitment, but U.S. trade agents seem open to some degree of flexibility, provided that China shows at least some progress in its attempt to achieve the goals. President Trump`s strong commitment to reaching an agreement early in his term also means the deal is likely to survive until after the 2020 presidential election.