China and its phase one trade agreement commitments

China will have to ramp up purchases to meet Phase One commitments in the second year of the agreement, according to American Farm Bureau Economist Veronica Nigh.

“2021 is going to need to be massive,” she says. “In order to reach the goals that would be $45 billion in exports to China.”

AFBF is currently projecting about $31 billion.

Nigh says 2021 will also be an interesting transition year to see how the new administration handles the agreement.

“The Phase One was really more of a purchase agreement so we’ll see how this new administration treats that new second year of the commitment,” he says.

Night made these comments during the Farm Bureau FUSION Conference.

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