President Trump signed an initial trade deal with China that includes pledges from Beijing to more than double its purchases from American farmers in the first year
The 86-page agreement comes after nearly two years of fraught negotiations and a punishing trade war between the world's two largest economies that hit US soybean producers especially hard.American taxpayers have spent about $28 billion bailing out farmers, including payments to trade groups and purchases from food banks. The pause in the trade war gives Trump something concrete to offer farmers, a crucial element of his Midwestern firewall, heading into the 2020 election.
"Are we in an ideal spot? No," Lighthizer told reporters at the White House before the signing."Is this a massively good first step? Yes."The pledges by China to buy more US farm products are part of a broader $200 billion package that includes manufactured goods and energy exports by 2021. The two sides estimate that those purchases will continue beyond the two-year deal into 2022 through 2025.
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