Trade agreement is working even as tensions rise.
The U.S. Department of Agriculture reported that China recorded the single biggest-ever purchase of U.S. corn, extending its large imports of farm goods from the U.S. They said China is trying to meet its first phase target of the trade agreement even though tensions between the world’s two largest economies are on the increase.
The USDA said that exporters sold 1.937 million metric tons of corn for delivery to China during the 2020-2021 marketing year beginning September 1, the third-largest deal for the grain to any destination. This purchase tops the previous largest deal to China of 1.762 million tons earlier this month.
The corn sale reported on Thursday was valued at around $325 million, based on new-crop prices in the U.S. China’s American farm goods purchases amounted to about $6 billion through May – the latest data available – up 9.1% from the same period in 2019 and 31% below 2017’s level.
As the Lord Leads, Pray with Us…
- With thanksgiving that the trade deal seems to be on track despite tensions between Beijing and Washington.
- For an easing of tensions between the two nations.
- For trade negotiators who continue discussions to establish a “fair playing field” for U.S-China trade.
Sources: Reuters, CBSN
