‘Phase one’ was doomed to disappoint, and it did, say analysts
The 2020 agreement that de-escalated the Sino-U.S. trade war set unrealistically high goals for U.S. exports to China and failed to deliver on them by large margins, say analysts. Overall, China bought just 57 percent of the goods and services it committed to buying as part of the “phase one” agreement. The agriculture sector, at 83 percent, came closest to reaching its export goal.
‘You have a partner in the White House,’ Biden tells farmers
In a video message to a sector that overwhelmingly voted against him, President Biden told farmers on Monday, "you have a partner in the White House" who is pursuing agricultural prosperity and fair prices in the marketplace. Biden, who has assailed meatpackers for high profits during the pandemic, pointed to a proposed $1 billion to expand slaughter capacity and efforts to keep ag exports moving despite port congestion.
New approach needed following ‘phase one’ failure, says analyst
The Trump administration’s “phase one” trade agreement with China alienated U.S. allies while failing to deliver on its promises of mammoth purchases by Beijing, wrote trade policy expert Chad Bown on Monday in calling for a new approach. “Only a group of countries working together and …