Over the weekend, the China-US trade war finally reached phase one as both countries agreed to the terms of tariff rates. Following the completion of phase one, a report claimed that farmers in China are looking forward to better economic activity due to the trade war results.
According to Hellenic Shipping News, US-China Business Council (USCBC) President Craig Allen revealed that phase one of the trade deal has shown that there could be no further deterioration or adverse results to the bilateral relationship between China and US.
Executive vice president and head of international affairs at the US Chamber of Commerce Myron Brilliant added that the developments of the trade talks caused a positive outlook from American consumers particularly during the holiday season.
A Xinhua report previously revealed that the American Farm Bureau Federation President Zippy Duvall revealed that the trade talks development opened more doors in trade between China and the US which would help farmers and ranchers improve their market status.
A soybean and corn farmer then told the Chinese news outlet that farmers had been dependent on the trade talk results. He exclaimed that once the trade deal would be negotiated in favor of lessening the tariff rates on agricultural products, the agricultural sector would be benefited and promote price stability.
Duvall also added that farmers like him are eager to resume business operations after favorable trade talk results. He claimed that the agricultural sector is in dire need to become competitive in China and that US farmers see great potential in alleviating their profits through their country's trade deal with one of the largest economies of the world.
President and CEO of the American Apparel and Footwear Association Rick Helfenbein added that the tariff relief welcomed healthier trade relations of US farmers with China and that the industry is hopeful that it would be the start of a halt to the trade war.
The report then touched on the developments of the trade deal between China and the US and how the partial tariff rollback would boost the trade of agricultural products and other sectors.
The document was said to expand market access, among other things, which would better safeguard the legitimate rights and interests of parties who operate within the China-US trade agreements including foreign firms in China. The report likewise added that economic trade activities with the US would improve and that the farmers are looking forward to more good news from the trade talks.
