Negotiate before applying tariffs, Farm Bureau says
The largest U.S. farm group would prefer negotiation, rather than a salvo of tariffs, as the first step in resolving U.S. disputes with other nations, said the American Farm Bureau Federation’s chief economist on Wednesday. “I think it’s important, when we’re talking about friends like Mexico and Canada, that we talk first,” said economist Roger Cryan. “And think about shooting later.”
‘Tariff man’ Trump picks trade hawk to run USTR
President-elect Donald Trump, who declared, "I am a tariff man," in 2018, selected Jamieson Greer, an important figure in the Sino-U.S. trade war, to serve as U.S. trade representative (USTR) in his second term. Trump announced the choice during a string of days in which he threatened high import duties on a dozen countries, including Canada, Mexico, China, India, Brazil, and South Africa.
Trump reminds farmers of trade war aid; Harris would fix ag labor shortages
Former president Donald Trump said in a questionnaire released on Thursday that he would use “every tool at my disposal,” including tariffs, to expand U.S. food and ag exports if he is re-elected. Vice President Kamala Harris would not tolerate unfair trade practices from China or other competitors, said senior aides to the Democratic nominee.
Reduced interest overseas in U.S. soybeans
The new soybean marketing year opens on Saturday, and early orders for the U.S. crop are the smallest in years, says a research brief from rural lender CoBank. Global demand is down in the face of the strong dollar, slow economic growth, and uncertainties about U.S. trade policy in an election year.
Trade ruling suggests weedkiller dumping hurt U.S. market
The U.S. International Trade Commission ruled, in a 4-0 vote, there was a reasonable indication that domestic herbicide manufacturers were hurt by dumping of imported 2,4-D weedkiller from China and India. The ITC vote allows the Commerce Department to continue its investigation of the imports.
Senators tell administration to ‘play offense’ on trade
The Biden administration is sitting on its hands when it ought to be knocking down trade barriers and negotiating new trade pacts for U.S. food and ag exports, said a bipartisan chorus of senators on Wednesday. Since President Biden took office in 2021, the administration has not initiated formal talks for a new free trade agreement anywhere, said members of the Senate Finance Committee during a hearing on the U.S. trade agenda.
Brazil, an agricultural giant, could expand cropland by 35 percent, say analysts
Already a major soybean, corn, and cotton grower, Brazil could expand its crop area by 35 percent through the conversion of overgrazed and overgrown pastureland, according to a research agency that is part of the Brazilian Ministry of Agriculture. Besides the potential addition of 70 million acres of cropland, Brazil could increase production by devoting more land to second-crop corn, said a team of U.S. university economists.
China failed to speed up ag biotech review process
Despite a pledge in early 2020 to do so, China has not shortened the average time — more than two years — that it takes to decide whether to approve agricultural biotechnology products for import, said the Biden administration in an annual review. The slow-moving process disrupts U.S. farm exports and the commercialization of new strains of corn, soybeans, canola, and alfalfa, said the report from the U.S. trade representative's office (USTR).
Record ag trade deficit on course to be halved in five years
The U.S. agricultural trade deficit, forecast at a record $30.5 billion this fiscal year, will narrow in the near term as exchange rates improve and trading partners gain economic strength, said the Agriculture Department in its 10-year agricultural baseline.
Vilsack and lawmakers spar over farm economy
During a sometimes prickly House hearing on Wednesday, Agriculture Secretary Tom Vilsack urged lawmakers to buckle down and write a farm bill that does not cut SNAP or climate funds. Republicans on the House Agriculture Committee said the Biden administration has overlooked the needs of the large-scale farmers who produce the bulk of U.S. crops and livestock.
Red Sea attacks reverberate in food and ag trade
Rebel attacks on cargo ships in the Red Sea are disrupting grain shipments from Europe, Ukraine, and Russia to customers in East Africa and Asia, with the potential to drive up food costs in import-dependent countries, said a think tank blog on Wednesday. “While this worst-case scenario for the Red Sea crisis is still unlikely, the current disruption is a reminder of the fragility of supply chains and the need for countries to be flexible in sourcing food when disruptions occur.”
Market diversification is path to increased farm exports, say trade officials
U.S. food and ag exports are concentrated in four markets that generate nearly $6 of every $10 in sales, said two senior U.S. ag trade officials on Thursday. To expand sales volume, they said at a trade group meeting, new customers must be developed in countries that have been off the export radar in the past.
Ag exports to dip 5 percent, trade deficit nearly doubles
U.S. farm exports will be the smallest in four years due to lower prices for wheat, corn, and cotton, said the Agriculture Department on Thursday. China would remain the No. 1 customer for food and ag products, with Mexico a close second.
USDA allots $300 million for first year of export program
The government will provide up to $300 million for the first year of a new program to build food and ag export sales in nontraditional markets, said Agriculture Secretary Tom Vilsack on Wednesday. The USDA has committed $1.2 billion over five years for the Regional Agricultural Promotion Program (RAPP) after the second year in a row of declining ag exports.
USDA eyes non-traditional markets for ag exports
The Agriculture Department will counter a decline in farm exports by seeking sales in new markets, including non-traditional destinations, said Agriculture Secretary Tom Vilsack on Thursday. Vilsack announced a calendar of six agricultural trade missions for 2024 and the opening of a comment period on how to allot $1.3 billion in the new Regional Agricultural Promotion Program.
Ag trade deficit is a record, but smaller than expected
The United States ran a record agricultural trade deficit of $16.6 billion in the fiscal year that ended on Sept. 30, said a USDA database. The deficit was smaller than the forecast of $19 billion but fiscal 2023 was the third deficit in the last five years.
U.S. sugar import rules need an update, says GAO
The government should replace outdated sugar import rules that guarantee higher revenue to domestic growers and drive up food costs, said the Government Accountability Office on Tuesday. “The program creates higher sugar prices, which cost consumers more than producers benefit, at an annual cost to the economy of around $1 billion,” it said.
Tap USDA funds to boost food aid and exports, say senators
Agriculture Secretary Tom Vilsack should tap a USDA reserve fund to expand international food aid and export promotion programs, said the leaders of the Senate Agriculture Committee in a letter released on Wednesday.
India removes tariffs on a range of U.S. farm exports
As a sign of partnership, India will remove retaliatory tariffs on U.S. apples, chickpeas, lentils, almonds, and walnuts, said U.S. trade representative Katherine Tai on Thursday, The decision was announced as part of a visit by Prime Minister Narendra Modi to Washington.