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Balanced Reporting. Trusted Insights.
Thursday, December 07, 2023
The Agriculture Department reduced its fiscal 2023 forecast for U.S. ag exports to $190 billion, a $3.5 billion drop from the agency’s last estimate in August, largely reflecting weaker expectations for soybean sales.
A broad coalition of countries is making a last-minute push to change World Trade Organization rules and allow governments to increase farm subsidies and accumulate massive stocks of grain that can be dumped into the global market.
The Biden administration has all but ruled out tariff-slashing market access deals when it comes to its proposed Indo-Pacific Economic Framework, but the U.S. ag sector still hopes the agreement will include a trade pillar that boosts exports to rapidly growing markets that are home to a patchwork of regulatory restrictions and non-tariff trade barriers.
Eighty-seven House members have signed a letter urging the Biden administration to focus on improving agriculture trade as it builds foreign relationships under the Indo-Pacific Economic Framework.
The Biden administration Tuesday rolled out its 2022 Trade Policy Agenda report to Congress, pledging to further develop its Indo-Pacific Strategy – an effort to strengthen ties with the Asian region – as well as continue to reduce trade barriers across the globe and bring new reform pressure on China.
President Biden’s $1.7 billion Build Back Better bill is going nowhere on Capitol Hill, but Democrats are looking at pulling out the climate-smart ag provisions and clean energy incentives and moving them as a separate package
Talks are ongoing to get U.S. Trade Representative Katherine Tai to testify before a House Agriculture Committee hearing early next year so lawmakers can press her on the Biden administration’s trade policy, says Rep. Jim Costa, D-Calif.
U.S. farm groups and some lawmakers used a hearing held by the House Agriculture Subcommittee on Livestock and Foreign Agriculture to stress the need for a more aggressive U.S. trade policy that prioritizes the negotiation of new free trade agreements in order to boost U.S. agricultural exports.
Vietnam is following through on promises to slash its most-favored nation tariffs on corn, wheat and pork, offering new opportunities for U.S. ag exporters, USDA says.
