The deal unveiled this week for Britain to exit the European Union would block U.S. plans to negotiate a free trade agreement with the U.K., preventing a new opening for American agricultural trade with the country, several British officials tell Agri-Pulse.
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.
Unless the U.S. and Japan move quickly in promised trade talks, American wheat farmers stand to take significant hits in exports thanks to the swiftly approaching start of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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.