US
Tariffs on Chinese Imports will remain in effect. Planned increases in Tariffs will be tabled.
China will agree to restrictions on intellectual property, subsidies, dumping
and currency manipulation. China will open its market to US agricultural
imports and US financial services.
The
primary beneficiaries of the Phase I agreement includes US farmers and pork
producers, who are due to receive large orders from China, because of crop
losses in China due to disease in crops and pigs.
Soybean
prices topped out at $17.39/bu on 9/12/12 prompting a rush to plant soybeans
creating an oversupply. Soybeans bottomed out at $9.02 on 5/6/19.
Pork
prices topped out at $0.92 cents/lb on 5/15/19. Pork prices fell to $0.60/lb on
12/13/19.
Phase I
also covers mechanism to confirm and enforce fair Chinese trade practices and
opening China to US financial services companies.
Norb
Leahy, Dunwoody GA Tea Party Leader
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