ADM issued a statement in support of the Phase One Trade Agreement with China on June 16, 2020.
The Phase One Trade Agreement will cut U.S. tariffs on certain Chinese exports in exchange for increased purchases of U.S. farm, energy and manufactured products. The agreement also requires China to address certain issues with its intellectual property practices.
ADM’s statement read, “We are proud to join other food and agriculture companies from across America today to support the Phase One Trade Agreement with China. A strong and resilient food supply chain is essential in providing nutrition to consumers around the globe, and in supporting American farmers, ranchers and rural communities.”
The statement continued, “There are many ways to strengthen that vital supply chain, from supporting and protecting those who provide our food, to advancing investment and innovation in the food industry, to ensuring free and fair trade in food and ag products. We appreciate the Administration’s continuing leadership in support of the Phase One Agreement, and we look forward to continuing to work cooperatively with policymakers for a successful implementation.”