Trump to sign executive order to streamline regulations on biotech plants: Sources

FAN Editor

President Donald Trump greets members of the military and their families after stepping off Air Force One at Offutt Air Force Base, Nebraska on June 11, 2019.

Mandel Ngan | AFP | Getty Images

President Donald Trump on Tuesday was expected to sign an executive order meant to streamline regulations and cut costs associated with biotechnology plants, CNBC has learned.

The order would pressure international trading partners — including China — to lift barriers in that area of the biotech industry, which creates products such as pesticides and genetically engineered plants bred to resist diseases, sources told CNBC.

The order was viewed as a more aggressive step to take against China in support of U.S. agriculture, even as the Trump administration’s trade war threatens American farmers’ bottom lines, the sources said.

U.S. soybean farmers in particular are affected by regulations that keep them from selling genetically modified products in some international markets, including China, Brazil and the European Union, without certain clearances.

White House officials and Trump administration officials from the Department of Agriculture, the Food and Drug Administration and the Environmental Protection Agency explained the order to industry leaders in a briefing call earlier Tuesday, according to a participant in the call.

This is a developing story. Please check back for updates.

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