Iowa Farmers Hope For Trade Truce Between U.S., China

President Donald Trump said the United States and China made strides in ending a months-long trade war during the 2018 G-20 Summit

Trump said he and China President Xi Jinping talked about tariffs and said their discussion will have an "incredibly positive impact" on farming.

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The president says the United States will not increase tariffs on China -- and China agreed to reduce tariffs on American-made cars.

Iowa Soybean Association CEO Kirk Leeds it is unclear what the alleged truce looks like for agriculture in Iowa.

"I think the only thing that's clear is they had a very good meal," Leeds said.

Leeds said he is glad to hear that progress was made but he still cannot tell what that progress looks like.

"There's very little details about what's going to go away immediately except for some broad statement that the Chinese ... committed to buy lots of agricultural products," he said.

The Soybean Association CEO said Iowa farmers need to know what to expect as soon as possible.

"The fields may be empty right now, but this is really a race against the clock, and that's because the window to sell China soybeans closed in January," Leeds said.

Leeds said that despite the uncertainty, any progress is positive for agriculture in Iowa.

"If we can de-escalate the rhetoric and begin to actually work toward progress and resolving some of those issues, this would be very good for Iowa soybean farmers," he said.

Leeds said the Iowa Soybean Association has responded to the trade wars by expanding markets in other parts of the world, including Spain and northern Africa.

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Source : https://www.kcci.com/article/iowa-farmers-hope-for-trade-truce-between-us-china/25386148

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