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Trump signs “Phase One” of trade deal with China

President Trump says he knows U.S. farmers can reach the $50 Billion dollars in ag exports to China as part of the newly signed phase one trade deal. At the White House ceremony today Trump said he pushed for that number.  “They say sir, our farmers can’t produce that much,” he says.  “I said – I love our farmers let them tell me they can’t do it.  And I said tell them to go out and buy a larger tractor and buy a little more land.  But they’ll be able to do it.  I have no doubt they’ll be able to do it.”

Trump says the deal will include a wide variety of ag purchases.  “China will now welcome American beef and pork, poultry, seafood, rice, and dairy, infant formula, and animal feed,” he says.  “Biotechnology and much, much more.”

The interpreter for China’s Vice Premier Lui He said China will strictly honor the agreement of buying $40 Billion in US ag goods each year but they would fall in line with the market.  “The two sides have agreed, based on the market demand in China, in line with market terms, Chinese business will purchase $40 billion worth of agricultural products from the US annual,” she says.  “If the demand is strong – the companies may buy more.”

The text of the deal has not yet been released. President Trump says work is underway on Phase 2 and he’s positive the countries will get there. Tariffs on BOTH sides remain in place.