After years of intense negotiations, the U.S. and China signed off on “Phase 1” of USTR’s Economic and Trade Agreement Between the United States and China.
ABA applauds United States Trade Representative (USTR) and the United States Department of Agriculture (USDA) on their efforts to reach this successful agreement that will generate $80 billion in new Chinese purchases from the US over the next two years.
“The main concern is how supply chain disruption issues should be resolved. The certainty of a stable supply chain is imperative for our industry,” said Robb MacKie, President & CEO, American Bakers Association. “Reducing the impact of tariffs on steel for bakery equipment, protecting our suppliers’ intellectual property, and reducing retaliatory tariffs on key bakery ingredients are critical elements to be celebrated in this important first step.”
For more information on this evolving story, check out this article in Food Business News.