After a much anticipated dinner between the United States and China, both presidents emerged from a “highly successful meeting”. President Trump and President Xi discussed trade during a two hour long dinner with their most senior representatives in Buenos Aires, Argentina. In a statement from the White House, China has agreed to immediately start purchasing agricultural products from U.S. farmers.
According to Press Secretary Sarah Sanders, “On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries. China has agreed to start purchasing agricultural product from our farmers immediately.”
“President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.”
Press Secretary Sanders continued, “It was also agreed that great progress has been made with respect to North Korea and that President Trump, together with President Xi, will strive, along with Chairman Kim Jong Un, to see a nuclear free Korean Peninsula. President Trump expressed his friendship and respect for Chairman Kim.”
President Trump stated: “This was an amazing and productive meeting with unlimited possibilities for both the United States and China. It is my great honor to be working with President Xi.”
With this 90-day halt on new tariffs, we are hopeful this comes as a break for farmers and leads to future agreements between the two countries.