President Trump told the USDA on Wednesday to provide trade war relief to U.S. lobster fishermen and producers and threatened retaliatory tariffs on seafood from China if Beijing fails to buy massive amounts of U.S. food, agricultural, and seafood products this year.
China is closer than commonly realized to fulfilling its commitment to buy vast amounts of U.S. food and ag products this year, said U.S. trade representative Robert Lighthizer on Thursday, rebutting criticism that the "phase one" trade agreement is faltering. "If you had to bet right now, you'd say they're going to do it."
The "phase one" trade agreement with China could be the foundation of rural and food-sector prosperity, said 192 farm and agribusiness groups in a letter to President Trump on Tuesday that called for timely implementation of the pact, signed five months ago at the White House.
U.S. farm income, under pressure this year from the trade war and coronavirus pandemic, could fall off a cliff next year when record-setting federal payments are due to end, according to early assessments. A plunge in income could be avoided by cost-cutting on the farm, a recovery in commodity demand, or a new multibillion-dollar round of federal aid, but they are not assured, say analysts.
Large sales of soybeans to Chinese buyers provide hope for "a robust demand recovery" this fall and into the new year, said economist Todd Hubbs of the University of Illinois on Monday, the same day that exporters reported the sale of 390,000 tonnes of soybeans for delivery to China. In the space of four days, China purchased 1.11 million tonnes of the oilseed, worth $354 million.
On the same day that Beijing reportedly told state-run trading houses to pause purchases of U.S. farm exports, the companies bought a small amount of U.S. soybeans on Monday, according to unnamed sources. The pause was described as saber rattling and also a sign that the "phase one" trade agreement was in jeopardy as Sino-U.S. relations sour.
The “phase one” trade agreement with China, one of President Trump’s top trade achievements, calls for Beijing to buy huge quantities of U.S. food, agricultural and seafood exports. Sales of soybeans, cotton, pork, corn, sorghum and wheat are stronger than a year ago but an Iowa think tank …
Some Chinese trade advisers are arguing that Beijing should invalidate the "phase one" trade agreement that de-escalated the Sino-U.S. trade war as retaliation for a U.S. coronavirus blame campaign, reported a state-controlled Chinese newspaper on Monday. The agreement obliges China, formerly the top customer for U.S. ag exports, to buy roughly $40 billion a year of American food, agricultural and seafood products.
President Trump says “it’s certainly an option” to impose additional tariffs on China, a step that could end hopes of large U.S. farm exports to the Asian rival. A resumption of trade hostilities could mean larger U.S. soybean carry-over stocks this Sept. 1 and in fall 2021, possibly 500 …