The National Cotton Council believes the Phase 1 trade deal with China signed today by President Trump could provide a much-needed boost to U.S. cotton exports.
The Phase 1 agreement includes a chapter on agriculture with Chinese purchases of U.S. products intended to reach at least $40 billion per year starting in 2020. However, the overall impact for cotton remains uncertain as commodity-specific details have not been released.
NCC Chairman Mike Tate, an Alabama cotton producer who was at the White House for the signing, said, “While we welcome Phase I and are hopeful about the potential for future increased sales to China, U.S. cotton producers continue to face a challenging economic climate. As such, we encourage President Trump and USDA to follow through with the third tranche of MFP payments as quickly as possible.”
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