An economist says it is encouraging that despite ongoing political tensions, China has remained an active buyer of U.S. soybeans. With Brazilian supplies running out, China will have to keep coming to the U.S.
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Lawmakers and business groups have ramped up pressure on the administration to grant tariff relief to companies reeling from the coronavirus pandemic. The virus also has forced a delay in the start date for USMCA.
Read moreIn response to the all-consuming demands of COVID-19, the administration is considering suspending tariffs, with exceptions. The implementation of USMCA also is on hold.
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Trade leaders for U.S. and China stay focused on deal amid global pandemic.
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The U.S. and China took the first steps last week in implementing a trade deal that ultimately could generate an additional $32 billion in agriculture exports to China.
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President Trump signed his signature trade deal with Mexico and Canada last week, but the three countries still must meet many of their obligations before the pact can take effect. A former aide to the president has cautioned that the pact may not be in force until 2021.
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Sonny Perdue told farmers that the final 2019 installment of trade was on the way. In 2020, he expects a robust export market to restore farm incomes.
Read moreUSDA’s Farm Service Agency has paid out nearly $11 billion in 2019, with Iowa, Illinois, and Minnesota receiving the most.
Read moreA phase-one trade deal stipulates China buy $200 billion worth of U.S. goods and services, which includes $40 to $50 billion worth of agriculture products.
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Japan will lower or eliminate tariffs on $7.2 billion worth of U.S. farm exports starting Jan. 1. The president of the U.S. Meat Export Federation called it “one of the biggest developments in the history of red meat trade.”
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American soybeans that were once stranded on ships along China’s coast are now coming ashore. The beans were stranded because although a 30 percent retaliatory tariff had been waived, buyers still had to pay a deposit.
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President Donald Trump on Monday said he would restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina. He said the countries have been “presiding over a massive devaluation of their currencies, which is not good for our farmers.”
Read moreChina has imported 92 percent more Canadian wheat this crop year compared to last. Meanwhile, the countries’ canola spat drags on.
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