Source: POLITICO'S MORNING AGRICULTURE, 12/16/19

Beijing on Friday affirmed the new partial trade pact with the U.S. — but stopped short of confirming any commitment to buy as much as $50 billion in American farm goods each year, write Pro Trade's Doug Palmer and Adam Behsudi.

A Chinese official said China will ramp up purchases of U.S. farm product "by a notable margin," but not in quantities that would disrupt its own agricultural economy. Imports of U.S. wheat, corn and rice will stay within the quotas that China has already set.

But U.S. officials offered a clearer outline of future ag purchases: China promised to buy at least $40 billion in U.S. farm goods per year (with a "goal" of hitting $50 billion by 2021, according to U.S. Trade Representative Robert Lighthizer). That would represent a $16 billion increase from the $24 billion that China imported in 2017, Adam and Doug report.

Lighthizer said Beijing has also agreed to reduce longstanding non-tariff barriers to U.S. ag exports, including trade restrictions on beef, poultry, seafood, dairy, rice, infant formula, animal feed, pet foods, feed additives and a variety of biotechnology products.

Farmers have long been frustrated by China's slow approval process for approving biotech crops, which has impeded U.S. exports of certain corn and soybean varieties.