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.
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 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.
USDA announces new export sales of 405,000 metric tons of corn and 400,000 tons of soybeans to China for delivery in the 2020-21 marketing year, providing new evidence that Chinese demand remains strong despite tensions between the two countries.
U.S. beef exports to China are rising and the long-term forecast is optimistic for U.S. producers and shippers, but the deal that enables those rosy expectations hasn’t been completely finalized by the Chinese, according to government and industry sources.