Texas Farm Bureau President Russell Boening released the following statement after representatives of the United States and China signed a Phase One trade agreement in Washington, D.C. yesterday:
“Texas farmers and ranchers are encouraged by today’s signing of a Phase One trade agreement between the United States and China. The agreement with China includes substantial purchases of U.S. agricultural products annually over the next few years. This is significant. The record for U.S. agricultural exports to China was $26 billion in 2012.
China’s top five global imports are soybeans, dairy products, fruit, beef and prepared foods. Texas farmers and ranchers are ready to help produce the agricultural products needed to fulfill these increased market opportunities.
“China was our second-largest market not long ago. Bringing China back as a sizable market for U.S. agriculture is critical to the economic sustainability of America’s farmers and ranchers.
“It takes many years to establish a trade relationship. This Phase One agreement represents a positive step in rebuilding trade relations between the world’s two largest economies. We are grateful for the Trump administration’s efforts to accomplish this important agreement and its commitment to pursuing additional phases in the future.”