Press Releases

WASHINGTON – Rep. Banks released the following statement after the U.S. and China reached a phase one trade agreement:

“President Trump’s greatest foreign policy achievement is bringing clarity to the relationship between China and the U.S. With that clarity, he’s negotiated a first-step deal with Beijing that begins to right the many wrongs for which China is responsible,” said Rep. Jim Banks (IN-03). “Hoosiers are glad that we have a president who is willing to stand up to China and negotiate better deals that will benefit our farmers, businesses and manufacturers.”

“President Trump has the opportunity to keep his pedal on the gas and gain more concessions from China. I look forward to phase two, phase three and phase four announcements. Economic security is national security,” continued Banks.

In 2017, Indiana shipped $4.6 billion in domestic agriculture products abroad, making Indiana the country’s eighth largest agricultural exporting state. In addition to agriculture commodities, China is one of Indiana’s top export markets for hardwoods, over $55.3 million was exported in 2017. China is a crucial trading partner to the U.S., according to the USDA soybean exports to China totaled 9.4 million tons last year. 

As a result of the pressure the Trump administration has applied on China, we are lessening the trade deficit between our two countries. In the last year, Chinese exports to the U.S. are down 12.1%.

Additionally, while the U.S. enjoys strong economic indicators, Reuters reports China is expected to see slowest economic growth in 30 years.