In February, China promised to buy about $36.6 billion in U.S. farm goods as part of the Phase I trade deal. But China is less than halfway to that goal as of October, with only two months left in the year, Chad Brown reports for the Peterson Institute for International Economics, an independent nonprofit organization.
While China won't meet its first-year target under the trade deal, Iowa State University economist Wendong Zhang said recently that China is buying large amounts of U.S. food, agriculture and seafood that could total $31 billion in FY2021. "The forecast included $11 billion worth of soybeans, $2.7 billion of pork, $1.8 billion of cotton, and $1.5 billion of corn," Abbott reports for Successful Farming.
Last week the U.S. Department of Agriculture predicted near-record agricultural exports of $152 billion in Fiscal Year 2021, based on their prediction that the coronavirus pandemic will recede and that trade tensions with China will fade under the Biden administration, Chuck Abbott reports for the Food & Environment Reporting Network.
from The Rural Blog https://ift.tt/3q8wJ7w China has bought less than half what it promised for phase 1 trade deal - Entrepreneur Generations
0 Response to "China has bought less than half what it promised for phase 1 trade deal - Entrepreneur Generations"
Post a Comment