President Trump signed part one of a trade deal with China on Wednesday.
North Dakota's Farmers Union President Mark Watne says this will help the state's agriculture producers. During the trade war from 2016-to-2018, soybean exports to China fell from $14.2 billion to $3.1 billion
“I’m cautiously optimistic, but the agreement doesn’t cover our lost sales to China, and it will take time to regain our market share and restore our reputation as a reliable trading partner,” Watne said. “Hopefully, this will create the demand we need to move our markets up.”
“The agreement opens the door to new opportunities in a market that’s home to 1.4 billion people – one-fifth of the world’s population – and with a growing middle class and demand for high-quality beef like we raise here on ranches across North Dakota,” said Dan Rorvig, North Dakota Stockmen’s Association president.
As part of the deal, China will buy 40-50 billion dollars’ worth of agriculture goods over the next two years.
“Along with the U.S.-Mexico-Canada Agreement and the U.S.-Japan Trade Agreement signed last October, this deal move us in the right direction toward fixing imbalances and ensuring fairer trade for all Americans,” said Gov. Doug Burgum, R-N.D.
“I thank President Trump for fighting tirelessly to deliver trade deals that are good for North Dakota’s producers and put American interests first,” said Sen. Kevin Cramer, R-N.D.
“We’ve repeatedly made the case to the Administration about the importance of securing ag purchases as part of any agreement with China, because we need to recapture the Chinese market for crops like soybeans, as well as expand it for products like beef," said Sen. John Hoeven, R-N.D. "This phase one agreement is good for our producers and our economy.”