China and the US agree to a “phase one” trade deal that will see some tariffs on China canceled, and in exchange the People’s Republic agrees to purchase tens of billions dollars of US agricultural goods.
US Secretary of Agriculture Sonny Perdue was giving a commencement address at Southern as the news broke. He celebrated the news saying “Trade is vital to Louisiana, and the US Ag economy because our producers are so productive, and produce more than we can consume domestically,” says Perdue.
The President estimates China could purchase around 50 billion dollars of additional ag products as a result.
Purdue says the agreement will be a shot in the arm to American growers.
“We have to have trade as a lifeline economically, and that is a good thing to have. We have national security because we have food security,” says Perdue.
This comes on the heels of news early last week that House Democrats will back a revamped trade deal with Mexico and Canada. Purdue says these two agreements combined are great news for Louisiana Ag.
“President Trump has fulfilled his commitment of making a more modern, and better deal in every respect,” says Purdue.
