President Trump’s announcement of a trade agreement with China could mean good news for local farmers.
Trump met with the president of China at the G20 Summit over the weekend, where the two were able to make headway resolving a trade dispute. In recent weeks, the United States and China have been battling over trade, with plans for tariff increases on more than 200 billion dollars of Chinese goods set to begin on January first.
Trump has agreed to hold off on that increase, while Chinese officials say they will be purchasing a large amount of American goods, including agricultural produce. For local farmers, that could lead to increased demand and higher prices.
“With so many agricultural communities just around here, here in Nevada, the local Joplin area, that is going to be a good thing for farmers. That doesn’t mean that money will automatically be in their bank accounts, but that does lead us in a good direction, and will give them some clarity going into Christmas,” says Ross Lawrence with White Ember Financial Planning.
Lawrence says the announcement could also have helped push stock and oil prices higher today, since it indicates stabilizing relations between the two nations.