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Shining Light on Farm & Food Policy for 20 Years.
Thursday, May 02, 2024
China today promised to strike back once again over a planned escalation of U.S. import taxes. The Chinese Finance Ministry announced it will increase tariffs on an additional $60 billion worth of U.S. products if the U.S. follows through with a plan to add tariffs to $200 billion of Chinese goods by September.
President Donald Trump today asked his top trade negotiator to consider increasing the pain from proposed new tariffs on $200 billion of Chinese goods, raising the rate to 10 percent to 25 percent.
Some Republicans say the best thing Congress could do to help farmers withstand the turmoil in trade policy is to pass a new farm bill. But economists say the legislation is unlikely to offer much relief to farmers, especially soybean growers, even if commodity prices don’t recover from their current tariff-induced slump.
With new tariffs and rising trade tensions around the globe, one relatively new market may be growing at just the right time, thanks to U.S. market development efforts and a Free Trade Agreement.
The U.S.-China trade war could drag on for years, but a U.S. agreement with Mexico on rewriting the North American Free Trade Agreement could happen as soon as August, U.S. Trade Representative Robert Lighthizer said today in a Senate hearing.
President Donald Trump and European Commission President Jean-Claude Juncker agreed to new negotiations today aimed at ending the trade war in a deal that would somehow result in Europeans buying more U.S. soybeans.
The USDA on Tuesday rolled out an outline of a $12 billion assistance plan amid growing anger from lawmakers and farm groups over the impacts of foreign tariffs on farm commodities.
Farm group leaders and lawmakers railed against President Donald Trump’s trade policy and tariffs in a House Ways and Means subcommittee hearing today, bemoaning the effects on the ag sector as China, Mexico, Canada, the European Union, Turkey and others retaliate.
