Trump says farm prices moving upwards prior to China trade deal
WASHINGTON D.C. - President Trump says farmers are major winners in the upcoming trade agreement with China and if they supply the goods China will buy.
The US and China are set to sign phase one of the trade agreement next week in Washington, and at the White House on Thursday President Trump told reporters that some Ag markets are already reacting partly in anticipation of that agreement.
“When I see farm prices are going way up, I see corn has had some big increases in the last little while, cattle has been doing real well and prices are going up substantially. China is kicking in, China has already started to buy goods,” said President Trump at a White House press conference today.
Under that agreement, China has committed to buying billions of dollars of US Ag products over the next two years.
“That's numerous times more than they were buying in the past and it's going to have a huge impact but the big question we have is whether or not the farmers will be able to supply that much,” said Trump.
Trump calls the China deal the biggest contract ever signed.
At Toledo campaign rally Thursday night, President Trump urged U.S. farmers to “go buy larger tractors” ahead of the trade deal signing.
In reference to the Phase One signing Trump said,
“We’re signing a monster — a big beautiful monster,” The president's comments came during the first rally of his 2020 campaign.
“Our economy is booming,” he said.
Negotiators reached an agreement on the partial China trade deal on Dec. 12. which calls for China to purchase $200 billion in U.S. products over two years. The U.S. will reduce tariffs on Chinese goods, though it will retain them for $380 billion in goods.
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