China Trade Deal Will Boost Arkansas’ Economy
As the country with the second-largest GDP in the world, China continues its rise as a significant player on the global stage. Previous administrations have attempted to get China to come to the negotiating table and sign a deal, but only came to verbal agreements, which were quickly broken. Now, President Trump has put Phase 1 of a trade deal with China into place.
Phase 1 of this new trade deal between the United States and China will lift trade barriers and boost Arkansas’ economy, specifically Arkansas’ agriculture and manufacturing industries.
This deal is also reforming the way China will do business with the United States by addressing longstanding intellectual property concerns and ending forced technology transfers. These lifted barriers will make it easier for American industries to enter into Chinese markets without fear of theft or counterfeited goods.
In addition to these structural changes, China has agreed to purchase $40-50 billion of American agricultural goods, including beef, poultry, soybeans, rice and wood products. Arkansas is a top producer in these agriculture industries, and I’m pleased to see that local farmers, ranchers and lumber manufacturers will directly benefit from this deal.
We have seen a booming economy under this administration, and Phase 1 of a deal with China will continue this growth nationwide. This is an important first step, but we still have a lot of work to do. I look forward to seeing the American economy grow in the future phases of this deal.