There has been much speculation on the trade sector in the past few weeks and months. A lot of it has been centered on whether or not China can live up to its commitments to buy additional U.S. Ag products under the Phase-One trade deal. Also, there are negotiations being held with the United Kingdom (UK). Those are not going as positively as we would like them to.
Ambassador Robert Lighthizer, the U.S. Trade Representative testified before the Senate Finance Committee on Wednesday. He was there to give an update on progress with trade deals and negotiations.
On the UK, Lighthizer says the trade talks have started back up. They were slowed due to the COVID-19 pandemic. Lighthizer says they are trying to work through some tough issues. The UK is sticking to protectionist naming of certain meats, cheeses, and wines.
On the Chinese front, Lighthizer says he believes that China is going to come close to meeting their purchase commitments.
Iowa Senator Chuck Grassley chairs the Senate Finance Committee. He joined with Ranking Member Senator Ron Wyden (D-KS) on criticizing the Ambassador for not being very transparent with Congress on trade talks. Ambassador Lighthizer said in these types of negotiations sometimes rely on business privacy.
