Trump: China buying 'very large quantities' of US agricultural goods after partial trade deal reached
China has already begun buying “very large quantities” of U.S. agricultural products after Washington and Beijing reached a partial agreement in the trade war on Friday, President Trump tweeted Sunday.
Trade of the agricultural products started “immediately” without waiting until a deal is formalized over the next three or four weeks, according to Trump. Officials have said China agreed to buy up to $50 billion in U.S. farm products.
In exchange, Trump reiterated that he agreed to not increase tariffs on Chinese goods from 25 percent to 30 percent on Oct. 15, as had previously been planned.
“The relationship with China is very good,” the president wrote. “We will finish out the large Phase One part of the deal, then head directly into Phase Two.”
The first phase of the deal will be signed “soon,” according to Trump. He has said a comprehensive deal will have two or three phases altogether.
Earlier, White House trade official Peter Navarro said on “FOX & Friends” that farmers will “quickly” feel the effects of the partial agreement.
“In farm country, it’s huge news,” he said. “China not only will be buying twice as much as they had historically, but they’re also going to lower their significant barriers to entry. So there’s going to be a boom in farm country.”
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FOX Business’ Jonathan Garber and Paul Conner contributed to this report.