An interim report from the U.S. Trade Representative (USTR) and the U.S. Department of Agriculture (USDA) highlights the progress made so far in implementing the agricultural provisions in the U.S.-China Phase One Economic and Trade Agreement.
To date, China has implemented at least 50 of the 57 technical commitments under the Phase One Agreement. These structural changes will benefit American farmers for decades to come. China also has substantially ramped up its purchases of U.S. agricultural products. To date, China has purchased over $23 billion in agricultural products, approximately 71% of its target under the Phase One Agreement.
Highlights in the report include:
Outstanding sales of U.S. corn to China are record high 8.7 million tons. Soybeans sales for marketing year 2021 are off to the strongest start in history, double 2017 levels. U.S. pork exports to China hit an all-time record in the first five months of 2020 as beef and beef products exports through August 2020 are already more than triple the total for 2017.
In addition to these products, USDA expects 2020 sales to China to hit record or near-record levels for numerous other U.S. agricultural products including pet food, alfalfa hay, pecans, peanuts, and prepared foods.