WASHINGTON, DC – During a Senate Finance Committee hearing last week, Treasury Secretary Steven Mnuchin indicated he and Ambassador Robert Lighthizer have finalized the contents of a Phase II deal with China. As for now, the Administration will remain focused on the implementation of the Phase I deal, including evaluating the impact of the coronavirus on the Chinese economy. Chinese officials may request a delay to fulfill the purchase commitments of the Phase I agreement although no such request has been received to date. As a consequence, USDA lowered its forecast this week of the average price that U.S. farmers will receive for soybeans in the 2019-20 marketing year and kept many of its other price projections unchanged despite the fact that the Phase I China deal is now in effect. “The good news is, Ambassador Lighthizer and I have the entire phase-two chapters dealt with. And as we’ve said, we may roll them out as phase two A, B, C, D” Mnuchin explained.