U.S. food and agricultural exports would increase by $2.2 billion, or 1.1 percent, with full implementation of the United States-Mexico-Canada Agreement, the successor to NAFTA, said the U.S. International Trade Commission in a report issued Thursday.
U.S.-China negotiations to resolve the trade war are “moving along quite well,” said President Trump on Wednesday. Meanwhile, published reports said two rounds of talks were scheduled for late April and early May.
Leaders of EU countries agreed to open trade talks with the United States on Monday with the goal of eliminating tariffs on industrial goods but said that agricultural products would not be part of the negotiations.
On Wednesday, in his latest threat to close the U.S.-Mexico border, President Trump demanded that Congress “immediately eliminate the loopholes at the Border.” The American Farm Bureau Federation asked that agricultural trade be exempted from any restrictions, and the National Farmers Union said a closure would be disastrous.
U.S. farmers will harvest a sharply smaller soybean crop this year, driven away from the oilseed by weak market prices and a staggeringly large soy surplus resulting from a string of bumper crops. Even so, the International Grains Council projects the third year in a row of record-large soybean production globally.
The United States and China will open ministerial-level negotiations "aimed at improving the trade relationship" on Thursday, the White House announced over the weekend. A week later, on April 3, Vice Premier Liu He will bring a delegation to Washington for further discussions about resolving the trade war that began last summer.
An agreement between China and the United States to resolve the trade war “is coming along nicely,” said President Trump on Wednesday, although U.S. tariffs could remain in force for some time to assure that China lives up to the terms of the deal.
The Trump administration says its policy of confrontation with trading partners, such as the trade war with China and tariffs on steel and aluminum imports from Canada and Mexico, will lead to more advantageous relations for the United States. But Bill Reinsch, of the think tank Center for Strategic and International Relations, says the promise of "short-term pain, long-term gain" is unlikely to come true.
Roughly 11 percent of U.S. corn ethanol was exported in 2018, a record 1.7 billion gallons worth $2.7 billion, said ethanol trade groups on Wednesday. Exports were nearly 25 percent higher than the previous record of 1.4 billion gallons, set in the preceding year, said the groups.
President Trump put his weight behind an announcement that China, amid negotiations to end the trade war, committed to buy 10 million tonnes of U.S. soybeans. The decision, announced on social media by Agriculture Secretary Sonny Perdue on Friday, would more than double Chinese purchases this marketing year but still