President Donald Trump announced Friday via Twitter that he is open to doling out billions of dollars in a third trade assistance package for farmers because of implementation delays in trade deals such as the "phase one" pact with China.
China will follow through with the billions of dollars in additional ag purchases that it promised to make as part of the “phase one” trade pact with the U.S., but the coronavirus outbreak may delay the sales, Agriculture Secretary Sonny Perdue told reporters Thursday.
Farmers are expected to produce record amounts of meat, milk and major crops this year as the agriculture economy rebounds from 2019’s trade and weather disruptions, but exports are forecast to rise relatively modestly in coming months despite the new trade deal with China, USDA says.
Several shipments of U.S. chicken on their way to China are being diverted to South Korea and Hong Kong because of the disruption at Chinese ports as the country tries to contain the spread of the coronavirus, Agri-Pulse has learned.
The top regulator for the nation’s Farm Credit banks says while agricultural loan quality has deteriorated somewhat, it's too early to know whether producers will need additional Market Facilitation Program payments for 2020.
China’s Finance Ministry announced Thursday that on Feb. 14 it will cut tariff rates on $75 billion worth of U.S. products, including some ag commodities such as soybeans, chicken, pork, oranges and asparagus, but the impact is expected to be minimal.
U.S. farmers and ranchers will have to wait longer for the expected surge of Chinese purchases agreed to under the "phase one" trade deal as the country grapples with trying to stop the spread of the coronavirus, National Economic Council Director Larry Kudlow said Tuesday.