The U.S. ag sector really wants to know what’s coming next for the tenuous trade situation with China, but farmers and ranchers may have to settle for the status quo in the near future as the Biden administration takes its first steps toward dealing with the communist country.
The new chairman of the House Agriculture Committee, Georgia Rep. David Scott, passed his first test as Democrats stuck together Wednesday night to advance their piece of a sweeping $1.9 trillion stimulus package.
There were high hopes after the phase one agreement was implemented last February that China would finally overhaul its opaque and sluggish approval process for new agricultural biotech traits, but that optimism has mostly turned to disappointment a year later.
China is emptying out U.S. corn and soybean supplies, helping make the 2020-21 marketing year a success for American farmers. That’s ramping up the pressure on the Biden administration to work out a sustainable trading connection between the countries even as the political relationship remains fraught.
USDA officials tell Agri-Pulse they are working “amicably” with the Biden transition team, which is paving the way for the incoming administration next week. On the international front, the transition team has been pressing USDA for details on the impacts of the “phase one” trade deal with China.
President-elect Joe Biden has tapped a China expert to be his U.S. Trade Representative, reflecting the most pressing trade issue his administration will face on day one – the ongoing trade war with the Asian economic powerhouse.
President-elect Joe Biden tells a New York Times columnist that he won't immediately remove the 25% tariffs on Chinese exports, but instead will reassess the situation and work with allies to pressure China to stop intellectual property abuses.
A measurement of the state of mind in farm country is at an all-time high as producers report optimism about future financial conditions due to a recent commodity market price rally and another round of direct payments from the Department of Agriculture.