China will increase imports from United States according to 'market principles'
- Author: Darren Santiago Jan 21, 2020,
Jan 21, 2020, 0:56
President Donald Trump thanked farmers Sunday for supporting him through a trade war with China as he promoted a new North American trade agreement and a separate one with China that he said will massively benefit farmers.
"Most presidents don't come [to speak at the Farm Bureau convention], and if they do it's only once, but this is my third time and I promise you I'll be here next year, too", Trump emphasized, to rousing applause and cheers from the crowd.
Under a Phase 1 trade deal, over the next two years, China has reportedly committed to purchasing US$52.4 billion worth of additional U.S. energy supplies (including LNG).
PRESIDENT Donald Trump yesterday hailed the trade deal signed last week with China for dramatically improving relations with Beijing, saying it was "much better" than he expected. The U.S. Mexico Canada Trade Agreement (USMCA) was finally passed by the Senate last week too. Many trade experts say they worry that in the long run, Trump's relentlessly confrontational stance and eager embrace of tariffs could pose risks to both the USA and global economies.
The agreement includes pledges from China to beef up purchases of United States agricultural goods and other exports for two years, provides some protections for U.S. technology, and new enforcement mechanisms that allow Washington to quickly impose penalties that Beijing can not respond to.
"We accomplish what administration has never done before, and what do I get from it?" "The U.S. must now remain diligent and proactively work with Canada and Mexico to implement USMCA in both letter and spirit". "The most important thing is that it removes all the uncertainty associated with a potential cancellation of the North American Free Trade Agreement".
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In phase one, China agrees to purchase $ 12.5 billion worth of U.S. agricultural products in 2020 and $ 19.5 billion in 2021.
Feed, food and agricultural products that had no tariffs during NAFTA will continue to carry zero tariffs under the new agreement, the US Department of Agriculture (USDA) said.
"China respects us now", Trump said.
On impeachment, Trump said: "We're achieving what no administration has ever achieved before", Trump said.
The good news for Trump is a spontaneous texting survey conducted by the 142-year-old Farm Journal magazine, which 83 percent of farmers think is good. By these radical-left lunatics, I get impeached.
The president's trial in the Senate gets underway in earnest on Tuesday.