Reaction is coming in after word of a partial trade deal between the U.S. and China. Republican U.S. Senator Chuck Grassley of Iowa released the following statement:
“Any time progress is made, that’s good news. Farmers in Iowa know far too well that the trade war has caused real financial pain in the heartland. But we need to know more about this deal and follow-through from China will be key. I welcome the news that progress on some areas has led to a delay in tariff hikes that would impact U.S. consumers, and that President Trump plans to meet President Xi at the APEC Summit in Chile next month. A final deal must address the full scope of structural issues identified in USTR’s Section 301 report and include strong enforcement mechanisms,”Grassley said.“After so much has been sacrificed, Americans will settle for nothing less than a full, enforceable and fair deal with China. I look forward to learning more details in the coming days.”
President Donald Trump says the U.S. will suspend a planned 30-percent hike in tariffs on China October 15th. The President also says the partial deal needs to be written, but covers agriculture, opening financial services markets and theft of U.S. intellectual property, including technology. Treasury Secretary Steve Mnuchin also noted progress in talks about China's currency manipulation.
The optimistic tone sparked a rally on Wall Street as well as in the commodity markets Friday.
U.S. Senator Joni Ernst (R-IA) released the following statement:
“I’m glad the administration is making positive progress on a trade deal with China,”said Senator Joni Ernst. “No new tariffs on goods plus additional purchases of agricultural products, like Iowa soybeans and pork, is a good sign. I look forward to learning more details about this phase of the deal. I'll continue fighting on behalf of Iowans to ensure we're getting a good, fair deal for folks in our state and across the country.”
Iowa Governor Kim Reynolds has also released a statement:
“Today’s announcement from President Trump is very encouraging news for our farmers, manufacturers, and the economy as a whole. With China's commitment to purchase additional ag products, and the promise to ease tariffs, this ‘phase 1’ agreement would represent a major step forward. To build on this positive momentum, Congress should ratify the USMCA trade agreement to bring greater stability to our ag economy, our farmers, and small businesses.”