President Trump announced a proposed trade agreement with the European Union, on Friday, Aug. 2, that would increase American beef exports to the EU’s 28-member countries.
Once implemented, the trade agreement would raise American beef sales to the EU by 150%, an increase to $420 million from its current level of $150 million.
The EU still needs to approve the agreement. However, the European Commission indicated in June that it would agree to import more hormone-free beef from the United States.
President Trump spoke to reporters at the White House, on Friday, saying, “This is a tremendous victory for American farmers, ranchers and, of course, European consumers. … Opening markets for our farmers is about more than just an industry. It’s about a way of life.”
The news comes as the U.S. agricultural industry is feeling the effects of the ongoing trade war with China. Just the day before, the president announced that he is moving to impose an additional 10% tariff on the remaining $300 billion in Chinese imports. The new tariffs are due to go into effect on Sept. 1.
The president wants China to make good on a promise to increase its purchase of American agricultural products, a condition that both sides are said to have agreed to in trade negotiations.
“We thought we had a deal with China three months ago,” Trump tweeted on Thursday. “But sadly, China decided to renegotiate the deal prior to signing. More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so.”
China has not yet responded to Trump’s announcement of additional tariffs.