The deal includes purchases of about $40 billion to $50 billion worth of American agricultural products by China, as well as agreements on intellectual property and financial services."This is really a good sign for our U.S. soybean farmers," said Jim Sutter, U.S. Soybean Export Council's chief executive officer.
That's because American farmers will react "pretty quickly" and resume soybean production at 2017 pre-trade war levels of about 90 million acres, Sutter explained. In contrast, around 89 million acres of soybeans were planted in the U.S. last year — in the thick of the trade war — according to the"It would certainly help us regain lost share in the Chinese market, which is obviously important to us," Sutter toldThe U.S.
Crucially, they've slashed exports of soybeans, the most valuable U.S. crop. While the country remained the largest importer of U.S. soybeans, the American Farm Bureau said that
Why would China support the US now? They secured alternate suppliers. Closer and cheaper.
There’s not gonna be a deal...
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Source: Reuters - 🏆 2. / 97 Read more »