President Donald Trump says China will immediately start buying U.S. agricultural products. Via Twitter over the weekend, Trump says China will start buying “very large quantities” of U.S. farm products, adding, “they have already started.”
The administration says the agreement Friday includes $40-$50 billion of commodity sales to China over the next couple of years.
China already had increased purchases of agricultural goods, like soybeans and pork, heading into the talks last week.
China also agreed to certain intellectual property measures, as well as concessions related to financial services and currency.
President Trump says the U.S. and China will work quickly to finalize phase one of the agreement and proceed to phase two. Agriculture groups expressed careful optimism following the announcement last week.
The American Soybean Association called the partial agreement “good news,” but awaits further details on the potential economic impact of the agreement.
ASA adds the organization “remains hopeful this is a step toward rescinding the tariffs and helping restore certainty and stability to the soy industry.”