Chairman of the American Chamber of Commerce in China and former US assistant trade representative Tim Stratford claimed that "phase one" of the China-US trade war agreement will greatly benefit the farmers. He said that it would prevent the struggling economy of China from experiencing more economic decline.
Stratford claimed that the negotiations between China and the United States are going to greatly benefit the farmers of the country, reported South China Morning Post. He claimed that "phase one" may stabilize the Chinese economy after it has experienced declining economic growth since the trade war.
The "phase one" deal would allow China to buy more agricultural products from the United States. Therefore, the farmers in China would have better access to agricultural needs and improve that market. The condition of the deal also involved China opening up its financial services market to American firms.
Last Friday, White House economic adviser Larry Kudlow said that there had been enormous progress between the two countries and the deal might close soon. Trade negotiators also met in Washington last month and the progress thereof was marked as progressing as both countries continue to arrive at a conclusion for the "phase one" agreement.
After the meeting, it was announced that China's President Xi Jinping and US President Donald Trump may conclude "phase one" by signing the deal at the Asia-Pacific Economic Cooperation Summit which would be held in Chila this month. However, the said signing was canceled due to escalating protests in the host country.
President Trump also revealed last Sunday that if China and the US complete their trade agreement, the signing might happen in the US. He said, "First of all, I want to get the deal. The meeting place, to me, is going to be very easy."
Last Sunday, US Commerce Secretary Wilbur Ross also told Bloomberg News that the US may finalize the deal this month. It would further include American companies to trade components to Huawei as well.
Ross also revealed that the signing may also happen in either Alaska, Hawaii, or China if both countries agree on the place. At present, the US camp is currently ensuring that all the trade detail is correct, clear, and concise on what parts of each side is agreed upon.
Ross also revealed that the China-US trade war took longer to complete since every government policy in China has a corresponding contradictory policy in the US. The US government then said that they want to help foreigners, but are reluctant with China since some of its policies clash with US industrial policies.
Ross then hinted that if Chinese enterprises would have larger market shares in China and open its financial doors globally, the China-US trade war may end and that the US would be welcome in China notwithstanding some conditions.
