The goal is for the U.S. and China to agree on a preliminary “framework” for a deal to end the countries’ trade hostilities when President Donald Trump and Chinese President Xi Jinping meet later this month as scheduled in Argentina at the G20 summit, U.S. Ambassador to China Terry Branstad told Agri-Pulse today.
USDA cut its forecasts for soybean exports for the current marketing year to 1.9 billion bushels, down 160 million bushels from the October projection, citing lower imports from China, which is engaged in tit-for-tar tariff war with the U.S.
The deals struck by the U.S., Mexico and Canada in renegotiating the North American Free Trade Agreement promise new trading opportunities for U.S. farmers, but the Trump administration’s trade wars and the tariffs that go with them more than negate the potential gains, according to a new study presented today by the Farm Foundation.
The soybean market in the coming weeks will be focused on China and how it handles its massive demand for the oilseed while at the same time avoiding U.S. supplies facing a 25 percent tariff in the ongoing trade war with the Trump administration.
The rapid spread of African swine fever in China – home of half the world’s pigs – and outbreaks in Europe are unsettling global pork markets and potentially providing opportunities for major pork producers like the U.S., which has never had an outbreak of the deadly hog disease.