The Bloomberg article added that “imports of U.S. pork and soybeans increased significantly in December, on the eve of a phase one trade agreement between the two nations, according to Customs.” But China has removed very little of its tariffs on U.S. products during the trade war, making achieving this goal “unenforceable.” “Agricultural exports to China reached $23.8 billion in 2017, making it the largest U.S. export market, especially soybeans. Revenue fell to a total of $9.3 billion in 2018, when the trade dispute warmed. Ag`s sales increased in 2019, but official amounts for the past year have not been published. China has recently increased its purchases of maize and soybeans, but is still lagging behind this year`s commitment under the agreement. Chinese and Chinese trade representatives reaffirmed their commitment to the first phase trade agreement in a phone call scheduled for this week. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin participated in the meeting with Chinese Vice Premier Liu He to discuss the implementation of the U.S.-China Phase 1 Economic and Trade Agreement.
WASHINGTON (Reuters) – China has significantly increased purchases of U.S. agricultural products and implemented 50 out of 57 technical commitments to remove structural barriers to U.S. imports since the two nations signed a trade agreement in January, according to U.S. government data released on Friday. Many peasants and peasant groups are conservative, and they were generally strong supporters of Mr. Trump, even though his actions threatened their export markets. But in the depths of the trade war – like last August, when China announced a halt to agricultural purchases from the United States and Mr. Trump threatened to tax any Chinese export to the United States – even the president`s strongest supporters began to waver. Whether it is agriculture, industry or the energy sector, neither country is on track to meet its obligations under the phase one trade agreement signed six months ago.
When the agreement came into force a month later, the pandemic expanded and reduced demand for many agricultural products. The trade agreement, known as “phase one” and signed in January, has overcome both tensions and the severe global economic slowdown caused by the coronavirus pandemic, which has hit international trade hard. They discussed the implementation of the agreement; China`s steps to bring about structural change; Intellectual property rights Removing barriers for U.S. businesses in agriculture and financial services; and purchases of U.S. products in China. 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, currency and currencies.