China's tepid trade-deal spending leaves US farmers in limbo
American farmers say China needs to do more to meet the commitments it made in a high-profile initial trade agreement with the U.S.
U.S. customs data shows Beijing purchased $3.1 billion of U.S. agriculture during the first three months of the year, well shy of the quarterly amount required to reach the $50 billion a year promised in the January agreement. China's data suggests the purchases, which were limited by the COVID-19 pandemic, reached $5 billion.
“While things are moving in the right direction on the purchase side, they need to accelerate,” John Newton, chief economist at the American Farm Bureau Federation, told FOX Business. He said that farmers are “scratching their heads a little bit” after Beijing bought a record amount of soybeans from Brazil in April.
The historic trade pact with the U.S. called for Beijing to purchase an additional $200 billion worth of American products over the next two years, in addition to commitments to halt intellectual property theft, refrain from currency manipulation and cooperate in financial services.
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U.S. customs data shows Beijing purchased $3.1 billion of U.S. agriculture during the first three months of the year, well shy of the quarterly amount required to reach the $50 billion a year promised in the January agreement. China's data suggests the purchases, which were limited by the COVID-19 pandemic, reached $5 billion.
“While things are moving in the right direction on the purchase side, they need to accelerate,” John Newton, chief economist at the American Farm Bureau Federation, told FOX Business. He said that farmers are “scratching their heads a little bit” after Beijing bought a record amount of soybeans from Brazil in April.
The historic trade pact with the U.S. called for Beijing to purchase an additional $200 billion worth of American products over the next two years, in addition to commitments to halt intellectual property theft, refrain from currency manipulation and cooperate in financial services.
Click Here to read more.