TBA GroupBühler GmbHPort of South LouisianaTelestackPort of StocktonSailors Society
  • TOC Americas 2025
  • Van Aalst
  • Port of Stockton
  • Bühler GmbH
  • Port of South Louisiana
  • Telestack

White House announces “phase one” China deal

(Posted on 18/10/19)

The White House has announced a “phase one” agreement in principle with China. Under the tentative agreement for the first phase of a trade deal, China allegedly will commit to purchase $40 billion to $50 billion annually worth of U.S. agricultural products, increasing gradually to that level over a two-year period. 

During a White House press conference, U.S. Trade Representative Robert Lighthizer also said that the agricultural agreement will “correct a variety of sanitary and phytosanitary and biotechnology issues,” although he provided no details on what had been agreed to in principle. 

Details of all aspects of the phase one agreement are to be drafted and finalized over the next three to five weeks, with President Trump indicating it could be signed when he and Chinese President Xi Jinping are together in mid-November at the Asia-Pacific Economic Cooperation (APEC) meeting in Chile. Trump indicated the entirety of the agricultural negotiations had been completed and would be included in the phase one accord. 

According to the administration, China also agreed to open its market to international financial services and said it would agree to improved protections for U.S. intellectual property. Treasury Secretary Steven Mnuchin also said an agreement on currency manipulation was “almost complete.” In addition, Mnuchin said “good progress” was made during this round of negotiations on restricting China’s practice of requiring U.S. companies to share technology with Chinese partners as a precondition for obtaining market access.

Meanwhile, Lighthizer said final details are being negotiated on a “very elaborate consultation process” that would be created to ensure compliance, indicating both sides are “very close” to creating a “workable dispute-settlement mechanism.”

For his part, Trump agreed to suspend a tariff increase to 30 percent from 25 percent on at least $250 billion in Chinese goods which were set to take effect on Oct. 15.

Existing U.S. and Chinese tariffs remain in place, and the United States did not agree to suspend or rescind the scheduled Dec. 15 imposition of tariffs on approximately $156 billion in Chinese imports – reasoning that further negotiations would occur in time to address those later.

Latest News

NGFA applauds Senate confirmation of Lindberg as USDA trade undersecretary

(Posted on 04/08/25)

 The National Grain and Feed Association (NGFA) has commended the U.S. Senate for confirming Luke... Read more


Cargill to acquire Mig-Plus, expanding animal nutrition business in Brazil

(Posted on 04/08/25)

Cargill, one of the world’s leading food providers, continues to advance its growth strategy in... Read more


Resilient financial results as Rio Tinto grows and diversifies

(Posted on 30/07/25)

Rio Tinto has announced a 6% production year-on-year uplift, thereby delivering on strategy through... Read more


K-SURE and Trafigura $200m financing agreement to support Korean shipping

(Posted on 30/07/25)

The Korea Trade Insurance Corporation (K-SURE) and Trafigura, a global leader in the commodities industry... Read more


BHP record copper and iron ore production drives strong 2025 performance

(Posted on 21/07/25)

BHP have released their Operational Review for the year ended 30 June 2025.BHP Chief Executive Officer... Read more


Dynamic Mining shipping arm and GeoServe’s one-year milestone

(Posted on 15/07/25)

A strategic collaboration between Icon Gulf Trading DMCC (part of the Dynamic Group) and GeoServe Energy... Read more


SSAB and Metal Solutions start partnership in fossil-free steel

(Posted on 15/07/25)

SSAB and Metal Solutions have entered a long-term partnership for the supply of decarbonized steel with... Read more


NGFA thanks lawmakers for including industry priorities in ‘One Big Beautiful Bill’

(Posted on 08/07/25)

The National Grain and Feed Association (NGFA) in the USA has applauded Congress for including a slate... Read more


Fertilizers Europe: Commission announcement on CBAM falls short

(Posted on 08/07/25)

Fertilizers Europe’s have released their reaction to the European Commission announcement on the... Read more


Bunge completes sale of its North America corn milling business

(Posted on 02/07/25)

Bunge Global SA has confirmed that it has completed the previously announced sale of its North America... Read more


TOC Africa 2025Van AalstCimbriaTOC Americas 2025ViganGeneva Dry
  • Vigan
  • Cimbria
  • Sailors Society

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping