A historic agreement was made in mid-December of 2019 as the United States and China came to a Phase One agreement to move toward ending the trade war. The deal requires structural reforms amongst other changes that will need to be made to the Chinese economic and trade regime. Areas like intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange will all be impacted. This agreement is the first step towards a complete resolution and will be a relief to millions of Americans that have been negatively impacted since the trade war began in 2018.
The Phase One agreement notes the importance of effective implementation of the first phase with a focus on moving things forward in a fair and expeditious manner. While specific details regarding how this understanding will impact soybean farmers in the U.S. have not been released, this is certainly a move in the right direction towards restoring stability in the soybean industry.
Read the full press release from the U.S. Trade Representative: here
Read the complete fact sheet: here