trade

Phase One China trade deal, USMCA updates

The United States and China have reached a historic agreement on a Phase One trade deal, the first of its kind between the two countries. Of the $200 billion of U.S. goods that China will buy as part of this deal, nearly 25% will come from agriculture.

“Today we take a momentous step and one that has not been taken before with China toward a future of fair and reciprocal trade,” President Donald Trump said at the signing of the agreement Jan. 15. “Together we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers and families.”

Ohio Farm Bureau President Frank Burkett III was invited to the White House for the agreement signing.

“The signing of a trade deal with China is a big step in the right direction as farmers in Ohio and across the country are eager to get back to business globally,” Burkett said. “Restoring our ability to be competitive in China is welcome news for U.S. agriculture, and we encourage the administration to continue building on its success in a Phase One deal and aggressively pursue a full trade agreement with China.”

USMCA approved by Senate

On the heels of the Phase One deal with China, the U.S. Senate approved the U.S.-Mexico-Canada Trade Agreement in bipartisan fashion in mid-January. It was previously approved by the U.S. House. The agreement establishes a new free trade agreement between the three North American partners.

“The Senate’s passage of the U.S.-Mexico-Canada Trade Agreement is a huge win for our farmers in Ohio and across the country as it ensures the viability of agriculture’s trade partnerships in the global marketplace,” said OFBF President Frank Burkett III. “Trade is vital to U.S. agriculture, and we applaud Senators (Sherrod) Brown and (Rob) Portman for their bipartisan work to continue and improve our relationship with our North American trading partners.”