President Donald Trump signed a trade agreement with China Wednesday. The phase one deal, according to the Trump administration, is worth an extra $40-50 billion annually over the next two years in U.S. agricultural sales to China.
However, Senate Minority Leader Chuck Schumer earlier this week called the deal weak, suggesting Trump reached a watered-down agreement to claim a “win” during his reelection campaign. Further information suggests the figure may be $32 billion in increased ag purchases, not $40-50 billion.
Senator Chuck Grassley, a Republican from Iowa, attended the ceremony. Grassley welcomes the agreement but says, “Not only must China follow through with its commitments in this phase one deal, but also work toward a comprehensive agreement.”
President Trump says the agreement removes trade barriers for U.S. agricultural products, particularly for beef. Meanwhile, Agriculture Secretary Sonny Perdue says the agreement will benefit many different U.S. farm commodities.
The agreement should be implemented within 30 days, according to the Trump Administration.