US, China Reach Phase One Trade Agreement; 'US Industry Excited'
US - On Friday (13 December), the Office of the US Trade Representative (USTR) announced that the US and China have reached an historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China’s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.
18 December 2019
1 minute read
According to the USTR, the Phase One agreement also includes a commitment by China that it will make substantial additional purchases of US goods and services in the coming years.
Importantly, the agreement establishes a strong dispute resolution system that ensures prompt and effective implementation and enforcement.
The United States has agreed to modify its Section 301 tariff actions in a significant way.
Responding to the announcement, USMEF President and CEO Dan Halstrom said: "China is the world’s largest and fastest-growing destination for imported red meat, and the US industry is excited about the prospects for expanded opportunities in China. We look forward to learning more details about this Phase One agreement.
"US pork and beef products have been subject to burdensome retaliatory duties in China since 2018, and this has made it very difficult for the US industry to capitalise on China’s rapidly growing need for high-quality proteins.
"But long before retaliatory duties entered the picture, non-tariff barriers were a major, persistent obstacle for US exporters looking to expand their business in China.
"USMEF thanks the Trump administration for bringing these issues to the forefront in an effort to persuade China to follow international standards for red meat trade."
You can view the USTR's press release in its entirety by clicking here.
TheCattleSite News Desk
