China Phase 'Two': What We Know Right Now
China has committed to purchasing at least 87 million tons of soybeans over three years.
According to the Vice President of Public Policy and Economic Analysis, trade policy decisions made by the administration will impact farmers and ranchers.
This agreement is part of a series exploring agricultural trade, including the potential impacts of trade policy changes.
After months of negotiations, President Trump announced a Deal on Economic and Trade Relations with China, which includes agricultural-related provisions similar to the 2020 Phase One deal.
The agricultural-related provisions are reminiscent of the 2020 Phase One deal with China that included agricultural purchase commitments that resulted in more than $60 billion in agricultural exports over the first two years of the deal.
China's Historical Agricultural Purchases
Before the Phase One agreement, U.S. agricultural exports to China had grown steadily from $2.6 billion in 2000 to a record $28 billion in 2012.
Author's summary: China commits to massive soybean purchase.
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