agricultural exports
China gets to two-thirds of ‘phase one’
China failed to meet its "phase one" target for imports of U.S. food, agriculture, and seafood products despite a surge in purchases that began late last summer, said the Peterson Institute for International Economics on Thursday.
Ag and ethanol groups ask Biden for help at home and overseas
The ethanol industry, which says it has lost $3.8 billion in sales since March, is looking to the Biden administration for relief at the same time that farm groups want the new president to resolve the trade war with China. But a Purdue University professor said it was unlikely Biden would immediately undertake broad-scale trade reform, pointing out that "he has other priorities that take precedence."
Corn export boom to China likely to soften by fall 2021
China is buying huge amounts of U.S. corn as it rebuilds its hog herd and recovers from the pandemic but its appetite for imports could weaken by next fall, when U.S. farmers are expected to harvest their second-largest crop ever, said University of Illinois economists on Tuesday. Chinese imports of 13 million tonnes this year could taper to a still-large 10.5 million tonnes during the sales year that begins on Sept 1.
Near-record U.S. ag exports seen with China back as top customer
U.S. and global ag trade resilient in face of pandemic
Partly because food is indispensable, agricultural trade has been remarkably robust despite the disruptions of the pandemic, said Ohio State professor Ian Sheldon during the university's annual agricultural outlook conference. Inventories of key staples are at high levels worldwide so "there's no reason why a health crisis turns into a global food crisis," he said.
China on track for $31 billion in U.S. ag imports over 12 months
While China may not meet the first-year target under the "phase one" trade agreement, it is buying huge amounts of U.S. food, agriculture, and seafood products that could total $31 billion over 12 months, said Iowa State economist Wendong Zhang at a farm conference on Thursday. Neither Zhang nor Ohio State professor Ian Sheldon said they expected the Biden administration to roll back U.S. tariffs on China in the near term.
U.S. hits Thailand for blocking American pork
The United States suspended $817 million in trade preferences granted to Thailand "based on its lack of sufficient progress [in] providing the United States with equitable and reasonable market access for pork products," said the Office of the U.S. trade representative on Sunday. Trade representative Robert Lighthizer said when countries fail to meet the criteria to participate in the General System of Preferences, "we will take action by limiting their preferential duty-free access to the U.S. market."
‘Phase one’ fails to deliver, and a new approach to China is needed, says trade expert
The "phase one" agreement that de-escalated the Sino-U.S. trade war is not paying off in massive sales of U.S. products, including food and agricultural exports, to China or in the long-term reform of Chinese trade practices, said Chad Brown of the Peterson Institute for International Economics. "(President) Trump's trade war has failed to address what really ails the U.S.-China trade relationship," wrote Brown in a blog. "It is time for a new approach."
‘You lost the trade war,’ says Harris; Pence lauds USMCA
The Trump administration "lost the trade war" with China, said Sen. Kamala Harris, the Democratic nominee for vice president, on Wednesday during a debate with Vice President Mike Pence, who faulted her for voting against the United States-Mexico-Canada Agreement. It was the first time agriculture was mentioned in the pre-election debates.
Perdue tempers optimism on ‘phase one’ ag sales to China
Five weeks after saying he was hopeful China would import $36.6 billion of U.S. food, agricultural and seafood products this year, Agriculture Secretary Sonny Perdue is less certain the target will be met. A spate of sales to China during August and September has raised hopes in farm country that the goal, set in the "phase one" trade agreement, would be met despite a slow start.
Trump’s trade and coronavirus aid to agriculture could hit $50 billion
With its new offer of $14 billion in coronavirus relief, the Trump administration could spend $50 billion — quadruple the cost of the auto industry bailout — in less than three years to buffer the impact of trade war and pandemic on agriculture. Farm groups welcomed the second round of coronavirus assistance while critics said it was "old-fashioned vote-buying" ahead of the Nov. 3 presidential election.
WTO membership is essential, say farm and agribusiness groups
The WTO may need reform, but there is no question the United States should be part of the international body, said five dozen farm and agribusiness groups in a letter to the Trump administration. "As long as exports are important to U.S. agriculture, WTO membership will be essential as well," said the groups.
Perdue hopeful China will meet ‘phase one’ trade targets
China has "really stepped up" its purchases of U.S. farm exports in recent weeks, said Agriculture Secretary Sonny Perdue on Monday, and he is hopeful of the sales bonanza promised in the "phase one" agreement that de-escalated the Sino-US trade war. "They are saying... the right things about their desire to fulfill their commitment. I'm hopeful they will."
U.S. ag exports to China on the rise, but not at ‘phase one’ pace
China is stepping up its purchases of U.S. farm exports, but it will not meet the ambitious sales goals of the "phase one" agreement that de-escalated the Sino-U.S. trade war, said USDA data on Wednesday. In a quarterly forecast, USDA analysts said China, the farm sector's No. 1 customer before the trade war, will remain locked in third place as an export destination in 2021, behind Canada and Mexico.
U.S. and EU resolve lobster tensions
The EU will remove tariffs on imports of live lobsters and frozen lobster products from the United States under an agreement that calls for lower U.S. tariffs on a variety of European goods, including prepared meals. "These tariff reductions are the first U.S.-EU negotiated reductions in duties in more than two decades," said a joint statement by EU and U.S. trade officials.
China buys corn and soybeans ‘to keep me happy,’ says Trump
The expected six-month review of the Sino-U.S. trade agreement failed to materialize on Saturday but President Trump expressed satisfaction with the increasing pace of farm export sales to China. During a news conference, Trump said, "China has been buying a lot of — a lot of things, and they're doing it to keep me happy but they're dreaming about Joe Biden."
Crustaceans and oilseeds ahead of U.S.-China ‘phase one’ review
China bought $188 million worth of U.S. soybeans on Monday, continuing a string of purchases that began last week, as the world's two largest economies approach a six-month review of the "phase one" agreement that de-escalated the trade war.
[Updated] U.S. agricultural trade balance shrivels to historic low during pandemic
Apparently due to the pandemic, the United States was running its smallest agricultural trade balance at the nine-month mark in a fiscal year, $1.7 billion, since the turn of the century, according to USDA data. The sector ordinarily is a bright spot in U.S. trade data, with annual surpluses that can run into the tens of billions of dollars.
Exports boom as bumper corn crop pulls down farm-gate prices
U.S. corn exports are climbing for the third year in a row and will be the fourth largest on record this trade year, thanks to the mammoth crop now being harvested and falling market prices, said the Agriculture Department on Thursday. The 15.2 billion-bushel crop would be just a hair smaller than the record set last year.