According to the Commerce Department, China purchased a record $33 billion worth of U.S. agricultural products in 2021. China failed to meet its purchase commitments, but AgTrade Strategies Principal Sharon Bomer Lauritsen says the phase one trade deal included other positive provisions for agriculture. “The United States would still like to see changes in how China regulates products in agricultural biotechnology.” The Biden administration may not be prioritizing new trade agreements, but Bomer Lauritson says USDA and the Office of the U.S. Trade Representative are focused on resolving trade barriers. “One thing we should also be aware of, especially for China, is that the country still maintains its retaliatory tariffs on a lot of U.S. agricultural products.”
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