United States Trade Representative Robert Lighthizer told Fox News that hardwoods will be part of the first phase of a trade deal with China.
The USTR announced Dec. 13 that it had reached an agreement on “Phase One” of the highly anticipated trade deal between the two countries, in which China will enact “structural reforms” in its trade practices and commit to additional purchases of U.S. goods and services. For its part, the U.S. “has agreed to modify its Section 301 tariff actions in a significant way,” but is maintaining the 25% tariffs on $250 billion worth of Chinese imports, according to the USTR.
Lighthizer said China has agreed to purchase $50 billion worth of U.S. agricultural goods, including hardwood, over the next two years. The agreement is still being written out, he added.
“This is a tremendous first step,” Hardwood Federation Executive Direction Dana Lee Cole said in a statement, “but we still need to stay alert and focused on making sure this continues in a positive direction.”
