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China trade deal should boost US food exports

Under the deal, China agreed to import $200bn (£153bn) of US goods to help address the trade imbalance between the two countries.

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China trade deal should boost US food exports

After months of dispute, the US and China have agreed a trade deal which will cut tariffs on Chinese exports into the USA and mean the US will not impose duties on $160 billion (£122bn) of Chinese products which were due to begin last week.

 

Under the deal, China agreed to import $200bn (£153bn) of US goods to help address the trade imbalance between the two countries.

 

A fifth of these products will be agricultural.

 

However, there has been no announcement on the details of which products will be included in the deal.

 

In the first 10 months of this year, China exported $382.1bn (£291.4bn) in goods to the US, while US exports to China were down 14.5 per cent on the year before to $87.6bn (£66.8bn).


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That left the US’s trade deficit with China at $294.5bn (£224.6bn), 40 per cent of its global trade deficit of more than $700bn (£534bn).

 

The deal was given a cautious welcome by US agriculture organisations, who called for more details of the products which could benefit.

 

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American Farm Bureau Federation president Zippy Duvall said: “China went from the second-largest market for US agricultural products to the fifth-largest since the trade war began.

 

“Reopening the door to trade with China and others is key to helping farmers and ranchers get back on their feet.

 

“Farmers would much rather farm for the marketplace and not have to rely on Government trade aid, so the news is especially welcome.”

 

Mr Duvall said American agriculture had been caught in the ‘trade war crosshairs’.

 

“We encourage the administration to continue building on this progress and aggressively pursue a full trade agreement with China and other partners around the world,” he added.

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