Cleveland Cascades LtdTBA GroupSailors SocietyViganTOC EventsMultimodal 2022
  • Vigan
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Van Aalst
  • Multimodal 2022
  • Port of South Louisiana
  • Port of Stockton

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

Schenck Process announces mining business sale to Sandvik

(Posted on 12/05/22)

Schenck Process, a global company for sustainable, integrated measuring and process technology solutions... Read more


BHP completes the divestment of its BMC interest

(Posted on 05/05/22)

BHP has completed the sale of its 80 per cent interest in BHP Mitsui Coal (BMC) to Stanmore SMC Holdings... Read more


NGFA testifies on rail service failures experienced by grain shippers

(Posted on 27/04/22)

The National Grain and Feed Association (NGFA) in the USA has testified before the Surface Transportation... Read more


Challenging Q1 re-emphasises need to lift Rio Tinto’s ops performance

(Posted on 20/04/22)

Rio Tinto has released its first quarter production results. Chief Executive Jakob Stausholm, said: &... Read more


Universities: sand produced by Vale a solution to sustainability

(Posted on 14/04/22)

A report by the University of Queensland and the University of Geneva indicates that sand from iron... Read more


20 Soy schemes pass FEFAC benchmarking process

(Posted on 12/04/22)

FEFAC and ITC have announced that five more schemes offering responsible soy products to the European... Read more


US ag groups urge flexibility amid food crisis threat

(Posted on 01/04/22)

The National Grain and Feed Association (NGFA) in the USA has urged Agriculture Secretary Tom Vilsack... Read more


Rio Tinto completes acquisition of Rincon lithium project

(Posted on 30/03/22)

Rio Tinto has completed the acquisition of the Rincon lithium projectin Argentina for $825 million,... Read more


Ukrainian Grain Association call for humanitarian aid

(Posted on 23/03/22)

Following Russia’s invasion of Ukraine, the Ukrainian Grain Association has launched an non-political... Read more


Bühler hands over first Prime Masa plant in India

(Posted on 18/03/22)

Bühler has handed over its first Prime Masa plant in India, the second Prime Masa plant worldwide... Read more


CimbriaVan AalstThe Wolfson Centre for Bulk Solids Handling Technology Bühler GmbHTelestackPort of South Louisiana
  • Cimbria
  • Cleveland Cascades Ltd

Subscribe to our newsletter

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