Phase 1 trade deal announced

The first phase of a trade deal with China was signed by President Trump Wednesday.

A group of corporate executives and members of the press witnessed the event at the White House as China’s top negotiator was also on hand. Corn and soybean prices closed lower on Wednesday, wheat was higher and stocks were higher in afternoon trading on Wall Street.

The National Economic Council Director, Larry Kudlow, called the first part of the new trade deal a “historic” deal that has never happened before. Kudlow says the U.S. expects to sell $200 billion worth of goods to China in each of the next couple of years. He believes the deal will grow our country’s economy translating into more jobs.

This deal includes the purchase of $40 billion in agricultural products, including pork which is the most significant protein consumed in China.