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14 Oct 2019
1 min read

Trump Praises The Deal Reached With China in Favor of “US farmers”

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Written by OspreyFX News Team

The trade war is yet a new chapter in our turbulent history, which still makes headlines meant to feed optimism among investors worldwide. Last Friday the world witnessed new turns taking place between the two economies and a renewed optimism in the market. The Dow Jones index went up by 300 points in one single session. However, this is just the ending of phase one. At press time, China already wants to begin further trade talks and proceed with phase two.

The President of the United States, Donald Trump, said that the agreement reached with China to end the trade war between the two powers is favourable for US farmers and the sectors of American technology and financial services.“The agreement I just made with China is, by far, the best and biggest deal that has been made for our patriotic farmers in the history of our country. In fact, there is doubt about whether you can produce as much product or not. Our farmers will solve it. Thank you China!”, said the President via his Twitter account, click for source.

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The agricultural and livestock sectors have been the most affected by the US-China tariff war, so the agreement should minimise its consequences in these areas of the economy. In relation to the pact, the United States decided to suspend its plan to raise tariffs on Chinese imports from 25% to 30%, while the “Asian giant” promised to purchase between 40,000 and 50,000 million dollars in US agricultural products. As usual, the US President used one of his trademark adjectives (“great”) to qualify the agreements reached in various matters, although it was focused specifically on issues in which Washington and Beijing have had large disagreements, so it can be considered a significant step forward.

However, we must not lose sight of the fact that Trump frequently changes the terms of the decisions he makes, so the terms he first makes are often not the final ones. The agreement will come to live on paper within the next four weeks, with the aim of both Trump and his Chinese counterpart, Xi Jinping, signing it during the summit of the Asia-Pacific Economic Cooperation Forum (APEC), which will take place in Santiago De Chile between November 16 and 17 of this year.