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Agriculture awaits details from U.S.-China trade talks
American Soybean Association President Scott Metzger says soybean farmers are looking for any positive news coming out of the U.S. and China trade meeting.
“Whether that’s a commitment to more bushels in the future, doing away with the tariffs or extending the Section 301 stuff with ship building.”
He tells Brownfield the two-month extension of a U.S. and China trade truce is positive, but he’d like to see more clarity on long-term soybean purchases and trade barriers.
Metzger says farmers want China to eliminate its 10 percent tariff on U.S. soybeans.
“Having those in place it gives Brazil and South America an economic advantage.”
China has been buying U.S. soybeans and are about halfway to the 25 million metric ton commitment as of mid-September. Metzger says ASA wants to see China meet that promise. He says ASA also wants the commitment for $17 billion in other ag-product purchases fulfilled.
Agriculture was mentioned briefly ahead of President Donald Trump and Chinese President Xi Jinping’s meeting on Thursday.
“Our teams have been working to encourage a more balanced trading relationship, including the new market access for American farmers and ranchers,” said Trump.
President Trump told reporters it had been a great meeting, but didn’t elaborate.
