SPRINGFIELD, Ill. (NEXSTAR) — President Trump signed the first phase of a new trade deal with China, and industry leaders are excited for the opportunities it presents.
The new trade deal comes after more than a year spent at the negotiating table, and commits China to buying almost 80 billion dollars in manufacturing goods from the U.S.
“It’s improved access for over one billion customers,” Gordy Hulten, Vice President of External Affairs for the Illinois Manufacturers’ Association said. “Obviously, that is a huge deal for our members. I think the framework provides a much more level playing field in terms of tariffs and in terms of what the Chinese are committing to buying from America in terms of Manufactured goods.”
It also opens the market back up for agricultural exports to the most populated country in the world, and that includes pork.
The deal does not remove tariffs China put on pork imports at the beginning of the trade war. the 68 percent tariffs on pork make it difficult for the U.S. to compete with European countries and their pork prices.
The Illinois Pork Producers Association sees the trade deal as a step in the right direction, and hopes those tariffs won’t last much longer.