The United States and China reaffirmed their commitment to the Phase One Trade Agreement last month. While Beijing is unlikely to import the amount of US goods that it agreed to in that deal, it has increased the volume of US agricultural goods that it is importing. There are fears of rising food insecurity in China due to floods in the Yangtze River basin, the loss of hundreds of millions of pigs infected with African Swine Fever and a growing supply-demand gap in critical grains. Those factors have contributed to rising food prices in China, which has left Beijing with little choice but to import more agricultural commodities from the US. It is likely that the agreement will survive until the US presidential election in November, but its future after that remains uncertain.
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