The U.S. and China have reached a trade deal to temporarily reduce reciprocal tariffs. The U.S. will cut tariffs imposed on Chinese imports to 30% and Chinese duties on U.S. goods will fall to 10%, effective for 90 days.
Caleb Ragland, American Soybean Association president and a farmer who grows soy in Kentucky, said:
“We are very pleased with these first steps toward resolution and appreciate that President Trump has heard our requests to quickly come to the negotiation table for agriculture producers and others who stand to suffer financial losses and lose hard-earned relationships. Farmers want to play their part in supporting broad-based, long-term solutions to the administration’s concerns and help our fellow U.S. citizens when possible; but we cannot sustain tariffs that are exponentially higher than those of the first China trade war, which knocked out our largest export market overnight, if they linger into our fall harvest season. We hope that a deal can be reached in which China commits to robust purchases of U.S. soybeans and other products very soon.”
National Farmers Union President Rob Larew released the following statement:
“We are encouraged to see the administration responding to the concerns of farmers and ranchers by taking steps to ease trade tensions with China. Farmers spent years developing China into an important market for many agricultural products; future trade agreements must build on these decades of work. While today’s news is a positive next step, farmers continue to face significant uncertainty. We are watching these negotiations closely and expect any future deal to deliver lasting, meaningful benefits for America’s family farmers and ranchers.”
From the U.S. Grains Council:
“The U.S. Grains Council thanks President Trump and his administration for continuing to work with one of our largest trading partners to level the trade playing field. This 90-day window will allow more time for ongoing negotiations, positive news for both our countries. We hope it is the first step in a new trade relationship between China and the United States.”
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