WASHINGTON, D.C. – A US-China trade deal was announced this weekend, but China hasn’t signed anything and wants more talks before any deal is finalized.
President Donald Trump spent the weekend announcing what he calls “the greatest and biggest deal ever made:”
“The deal I just made with China is, by far, the greatest and biggest deal ever made for our Great Patriot Farmers in the history of our Country. In fact, there is a question as to whether or not this much product can be produced? Our farmers will figure it out. Thank you China!” the President proclaimed.
However, no deal was actually signed, and nothing was actually written down. China wants U.S. tariffs, scheduled for Dec. 15, to be called off, and other concessions.
Iowa Gov. Kim Reynolds released the following statement in response to President Trump’s announcement of a phase 1 trade deal with China:
“Today’s announcement from President Trump is very encouraging news for our farmers, manufacturers, and the economy as a whole. With China’s commitment to purchase additional ag products, and the promise to ease tariffs, this ‘phase 1’ agreement would represent a major step forward. To build on this positive momentum, Congress should ratify the USMCA trade agreement to bring greater stability to our ag economy, our farmers, and small businesses.”
U.S. Senator Joni Ernst (R-IA) released the following statementcregarding the announcement of a partial trade deal reached between China and the United States:
“I’m glad the administration is making positive progress on a trade deal with China,” said Senator Joni Ernst. “No new tariffs on goods plus additional purchases of agricultural products, like Iowa soybeans and pork, is a good sign. I look forward to learning more details about this phase of the deal. I’ll continue fighting on behalf of Iowans to ensure we’re getting a good, fair deal for folks in our state and across the country.”
Senator Charles Grassley made no announcement regarding the tentative trade deal.
China is currently the largest goods trading partner for the U.S., with $659.8 billion in total (two way) goods trade during 2018. Goods exports totaled $120.3 billion; goods imports totaled $539.5 billion. The U.S. goods trade deficit with China was $419.2 billion in 2018.