Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

USTR and USDA Release Report on Agricultural Trade between the United States and China

10/23/2020 | 04:50pm EDT

Washington, DC - The Office of the U.S. Trade Representative (USTR) and the U.S. Department of Agriculture (USDA) today issued a report highlighting the progress made to date in implementing the agricultural provisions in the U.S.-China Phase One Economic and Trade Agreement, which is delivering historic results for American agriculture.

Since the Agreement entered into force, the United States and China have addressed a multitude of structural barriers in China that had been impeding exports of U.S. food and agricultural products. To date, China has implemented at least 50 of the 57 technical commitments under the Phase One Agreement. These structural changes will benefit American farmers for decades to come. China also has substantially ramped up its purchases of U.S. agricultural products. To date, China has purchased over $23 billion in agricultural products, approximately 71% of its target under the Phase One Agreement. Highlights outlined in the report include:

  • Corn: Outstanding sales of U.S. corn to China are at an all-time high of 8.7 million tons.
  • Soybeans: U.S. soybeans sales for marketing year 2021 are off to the strongest start in history, with outstanding sales to China double 2017 levels.
  • Sorghum: U.S. exports of sorghum to China from January to August 2020 totaled $617 million, up from $561 million for the same period in 2017.
  • Pork: U.S. pork exports to China hit an all-time record in just the first five months of 2020.
  • Beef: U.S. beef and beef products exports to China through August 2020 are already more than triple the total for 2017.

In addition to these products, USDA expects 2020 sales to China to hit record or near-record levels for numerous other U.S. agricultural products including pet food, alfalfa hay, pecans, peanuts, and prepared foods.

'This China Phase One Agreement is proof President Trump's negotiating strategy is working. While it took China a long time to realize President Trump was serious, this deal is a huge success for the entire economy. This agreement finally levels the playing field for U.S. agriculture and is a bonanza for America's farmers, ranchers, and producers,' said U.S. Secretary of Agriculture Sonny Perdue. 'Being able to participate in this market in a more fair and equitable way has generated more sales that are supporting higher prices and strengthening the rural economy.'

'President Trump delivered on his promise to confront China's unfair trade practices and expand market opportunities for U.S. agriculture through the Phase One Agreement. Since the Agreement entered into force eight months ago, we have seen remarkable improvements in our agricultural trade relationship with China, which will benefit our farmers and ranchers for years to come,' said U.S. Trade Representative Robert Lighthizer.

USTR and USDA continue to work closely with the Chinese government to ensure that the Phase One Agreement is fully and properly implemented, so that access for U.S. food and agricultural products into the Chinese market can continue to expand moving forward.

For more information, please read the Interim Report on the Economic and Trade Agreement between the U.S. and China (PDF, 1.3 MB).

#

USDA is an equal opportunity provider, employer and lender.

Disclaimer

USDA - United States Department of Agriculture published this content on 23 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2020 20:49:01 UTC


© Publicnow 2020
Latest news "Economy & Forex"
04:58pU.S. CDC Reports Total Deaths Of 610,873 Due To Coronavirus As Of July 31
RE
04:58pU.s. cdc reports total novel coronavirus cases of 34,926,462 as of july 31 vs 34,818,278 in previous report on july 30
RE
04:57pU.s. cdc reports total deaths of 610,873 due to coronavirus as of july 31 vs 609,853 in previous report on july 30
RE
04:55pU.s. cdc says 164,446,964 individuals have been fully vaccinated against covid-19 as of july 31 vs 164,184,080 individuals as of july 30
RE
04:54pPrivate equity firm CD&R readies Morrisons counter-bid - report
RE
04:54pU.s. cdc says 190,982,149 individuals have received at least one dose of covid-19 vaccine as of july 31 vs 190,509,183 individuals as of july 30
RE
04:53pU.s. cdc says administered 345,640,466 doses of covid-19 vaccine as of july 31 vs 344,071,595 doses administered as of july 30
RE
04:52pU.s. cdc says delivered 400,675,525 doses of covid-19 vaccine as of july 31 vs 399,090,105 doses delivered as of july 30
RE
04:42pBSTDB BLACK SEA TRADE AND DEVELOPMENT BANK : Invests EUR 35 million in Upgrading of Bulgarian Energy Holding
PU
04:29pU.S. COVID-19 residential eviction ban set to expire at midnight
RE
Latest news "Economy & Forex"