After the parties agreed, the panel was composed on June 24, 2017. U.S. Representative Cindy Axne, D-Iowa, a member of the House Agriculture Committee, said she would closely monitor the implementation of the agreement “to ensure that Iowans get what they`re promised.” Trump called the agreement “the transformation agreement that will bring enormous benefits to both countries.” The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years. It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation. The United States has agreed to substantially amend its customs measures in accordance with Section 301. American grainman Archer Daniels Midland Co ADM. N and Cargill Inc [CARG. UL] welcomed the Phase 1 agreement in separate statements, as well as seed company Corteva Inc CTVA. “This government must reach an agreement that will be enough to compensate for what Iowa farmers have lost,” Axne said in a statement.
“We have seen China return to its word and any agreement must reflect the need for safeguards and enforcement mechanisms to protect the future of our farmers.” The agreement did not reduce tariffs on major U.S. agricultural exports to China, although Trump said tariffs would expire in a Phase 2 agreement. Pork is subject to a 68% tariff, although China needs more imports due to the devastating epidemic of a deadly pork disease. China has promised to accelerate its review of agricultural biotechnology products, which it imports for no more than two years, according to the treaty text. In a statement, U.S. Agriculture Secretary Mike Naig has long been frustrated that the agreement “signals that both sides recognize the value of trade relations and are willing to continue working toward a long-term agreement,” he said. This is the progress it takes to recover U.S. agricultural exports to China. Trump said other tariffs are being maintained while the two sides negotiate a phase two deal.
“Otherwise, we will not have cards to negotiate with,” he said, adding that the remaining tariffs would be removed if a broader agreement was reached.