WATCH: US-China trade deal set to be prosperous for US farmers
US President Donald Trump attempted to assure American farmers and ranchers that were hit by the tariff war with China, that the trade agreement he signed with Beijing will lead to major agricultural products from the US.
Trump's remarks took place in Texas, a state he won back in 2016 and will need to win in the upcoming elections. Before Trump started his remarks, he started by waving a copy of a farm journal poll which showed his wide support among farmers and ranchers.
While enjoying the loud applause of the farm country’s largest annual gathering, Trump addressed the convention for the third year in a row. Trump expressed to the public that the initial trade deal he signed with China on Wednesday, would be beneficial for farmers. “The best days for America’s farmers are yet to come,” said Trump.
Having just signed the “phase one” deal with China, tensions are set to decline after 18 months of a tariff war between the two superpowers. The “phase one” deal opened up a pledge made by China, to purchase at least an additional $12.5 billion worth of agricultural goods in 2020 and another $19.5 billion over the 2017 level of $24 billion in 2021.
While the US has agreed to reduce tariffs on $120 billion Chinese products from 15% to 7.5%. The deal would also see the protection American companies and their theft of intellectual property, while also loosening up the requirements for banks wanting to operate in China.
While addressing the farmers and ranchers, Trump stated that he would vigorously enforce the trade deal to make sure China holds up its end of the agreement. Trump assured them that he thinks the deal is going to work out and that China will be going all out to prove exactly why the deal signed was a good agreement.
With farmers and ranchers reacting with mixed reviews on the current situations, the US President went on to remind the farmers and ranchers that he had gained passage by Congress of a new trade deal with Mexico and Canada, that would be replacing the 1994 North American Free Trade Agreement.
Despite U.S farmers experiencing some of the toughest years in history, due to global warming and climate change, scientists only expect it to worsen a phenomenon the President dismisses. However, many of the farmers welcomed his remarks at the American Farm Bureau Federation, saying that they will remain optimistic as the agriculture economy is on the mend.