Dubai – Masaader News
Trump, US President, assured to American farmers and ranchers hit by tariff war with China that trade agreement he signed with China will lead to major purchases of US agricultural products, according to Reuters.
Trump said the initial trade deal he signed with China last Wednesday would be a boon for farmers, whom he thanked for sticking with him after he twice had to allocate multibillion-dollar bailouts for producers targeted by Chinese tariffs.
“You stayed in the fight,” said Trump. “You were always with me. You never even thought of giving up and we got it done.”
The Phase 1 trade deal with China was meant to reduce tensions after 18 months of a tit-for-tat tariff war between the world’s two largest economies that has hit global growth.
It included a pledge by China to purchase at least an additional $12.5 billion worth of agricultural goods in 2020 and at least $19.5 billion over the 2017 level of $24 billion in 2021.