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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, May 15, 2024
As much as growers long for an end to the trade war with China, there are long-term threats to demand for corn, soybeans and other crops that could depress commodity prices for years to come and lead to calls for higher government spending, economists say.
Beef and pork stole much of the spotlight when President Donald Trump and Japanese Prime Minister Shinzo Abe signed off on a trade pact last week, but many of the U.S. winners will be American specialty crop farmers.
After a major decline in August, the Ag Economy Barometer declined again in September as producers “were noticeably more pessimistic about current conditions on their farms and in the U.S. economy.”
House Democrats and the Trump administration have reached an agreement to resolve some of the remaining obstacles to passage of the U.S.-Mexico-Canada Agreement.
The Senate overwhelmingly approves a stopgap bill to keep the government funded through Nov. 21 and replenish the account that USDA relies on to make trade-assistance and commodity program payments.
Japan agreed Wednesday to cut or eliminate tariffs on $7.2 billion worth of U.S. ag commodities and erect new quotas under a trade deal that U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe signed Wednesday.
The next round of high-level U.S.-China trade talks are on schedule for next month despite the White House axing Chinese plans for a key official to tour U.S. farms and processing facilities this week.
House Democrats are still far from ready to ratify President Donald Trump’s new version of the North American Free Trade Agreement, but their demands represent just one of the threats to implementation of the updated trade pact that would keep most agricultural tariffs at zero.
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