Navarro predicts 'boom in farm country' after US-China trade war pause
White House trade official Peter Navarro said farmers will “quickly” feel the effects of a partial trade agreement struck between the U.S. and China Friday.
“In farm country, it’s huge news,” Navarro told “FOX & Friends.” “China not only will be buying twice as much as they had historically, but they’re also going to lower their significant barriers to entry. So there’s going to be a boom in farm country.”
The administration agreed to suspend a tariff hike on $250 billion worth of Chinese imports that was set to take effect Tuesday. And China agreed to buy up to $50 billion in U.S. farm products.
Chinese Vice Premier Liu He accompanied by U.S. Trade Representative Robert Lighthizer, left, and Treasury Secretary Steven Mnuchin, greets the media before a minister-level trade meetings at the Office of the United States Trade Representative in Wa
“We got some great provisions on intellectual property theft, so for the entrepreneurs and workers and manufacturers around the country, that’s going to be really good news,” Navarro said.
The two sides got a “good start” on dealing with China forcing U.S. companies to transfer their technology.
He said President Trump and Chinese President Xi Jinping could sign the deal – “if all goes well” – at the Asia-Pacific Economic Cooperation meetings in Chile Nov. 16-17.
How soon will U.S. farmers benefit?
CLICK HERE TO READ MORE ON FOX BUSINESS
“Ramp-up is fast, and China has already begun making substantial purchases,” Navarro said. “And frankly, they need our agriculture. ... They need our pork, we got lots of pork, they need our soybeans, so I think this will happen quickly.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Associated Press contributed to this report.