Industry Reacts to Phase One Trade Agreement with China
President Donald Trump signed a Phase One trade agreement with China today. The agreement says that China will increase purchases of U.S. manufacturing, energy, and agricultural goods and services by at least $200 billion over two years. As part of the deal, the Trump Administration scrapped tariffs initially set to take effect in December, and agreed to cut tariffs on $120 billion in products to 7.5%. However, tariffs on another $250 billion in Chinese goods will remain in place for now. Steven Mnuchin, Treasury Secretary, stated a second phase could include more tariff relief.
The National Cattlemen's Beef Association applauded the signing of the deal with China, saying the agreement will lay the groundwork for American-produced beef to be highly competitive in the world's most populous market. “The Phase One Agreement with China will be a game changer for the U.S. beef industry. For many years, Chinese consumers have been...
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