A World Trade Organization panel ruled Tuesday that the U.S. broke its international commitments by circumventing the WTO dispute system and hitting China in 2018 with tariffs on $234 billion worth of its goods.
The U.S. will be losing one of its staunchest advocates in China for U.S. beef, ethanol and other farm goods in early October. That’s when Ambassador Terry Branstad says he is stepping down from being the top U.S. representative in Beijing.
Department of Agriculture officials expect corn and soybean yields will average a record high this year despite lowering yield estimates from last month, and grain traders are watching to see if China keeps up ag purchases to support market prices.
China has been ramping up its corn and soybean purchases in recent weeks, but USDA's latest trade data show Chinese imports through July this year are still below 2018 levels and are far from the pace needed to meet goals set in the “phase one” trade pact.
The quick pace of U.S. soybean and corn sales – particularly to China - is one of the biggest factors behind a new USDA forecast that shows U.S. ag exports rising to $140.5 billion in fiscal year 2021, which starts Oct. 1.
The USDA announced Tuesday that Chinese importers contracted to buy hefty new amounts of U.S. corn and soybeans just hours after top U.S. and Chinese trade officials met Monday night to review progress of the “phase one” trade pact.
President Donald Trump gets a shot at this week's Republican National Convention to demonstrate he's maintained the strong support that he needs in farm country and battleground states to win re-election this fall.