WASHINGTON, D.C. – Today, U.S and Chinese government officials signed the Phase One trade agreement, re-opening many major export markets between the two nations. Growth Energy, the nation’s largest ethanol association, CEO Emily Skor issued the following statement:
“The signing of the Phase One trade agreement with China today is another positive step towards restoring market confidence for U.S. biofuel producers,” said Skor. “We’re grateful to U.S administration officials for their continued work on securing this trade agreement at such a pivotal time for our nation’s agriculture and renewable energy industries. Breaking down trade barriers between our nations will provide a valuable opportunity to restore demand for American biofuel, and we hope to soon see biofuels and DDG exports back on the Chinese market.”
In 2016, China was the third largest export market for U.S. biofuels, but exports were nearly eliminated due to retaliatory tariffs and trade negotiations.