With expectations that the coronavirus will eventually recede, U.S. farm exports will catapult to a near-record $152 billion during the fiscal year that started on Oct. 1, said the USDA on Monday. China was forecast to import a record $27 billion in fiscal 2021, ending the agricultural …
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.
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."
President Trump took credit for billions of dollars in trade war payments to U.S. farmers during the final presidential debate on Thursday. "I just gave $28 billion to our farmers," said Trump. "Taxpayers' money," interjected Democratic nominee Joe Biden in the only reference to agriculture, lasting less than a minute, in the two debates between the candidates.
Thanks to a buying spree, China is far and away the top customer for U.S. corn six weeks into the marketing year, said chief executive Ryan LeGrand of the U.S. Grains Council on Thursday. Its purchases of 10.4 million tonnes for delivery during 2020/21 are twice as large as sales to date to Mexico, usually the No. 1 importer.
President Trump "sold out ethanol to Big Oil" by handing out dozens of exemptions from the ethanol mandate, said Iowa farmer Pam Johnson, speaking for the Biden campaign, during a discussion of the agricultural platforms of the presidential candidates on Tuesday. "We haven't abandoned the RFS and we aren't going to — ever," retorted Trump representative Sam Clovis.
The “phase one” Sino-U.S. trade agreement called for a doubling or tripling of U.S. ag exports to China, but with four months left in the year more farmers than not are skeptical the sales bonanza will be realized, according to a Purdue University poll released on Tuesday. There is reason for …
Exporters sold nearly 2.7 million tonnes of U.S. soybeans in the first half of this month for delivery to China, said the USDA on Thursday. A "significant" sale was reported on each of the 10 business days beginning on Sept. 3, said the Foreign Agricultural Service.
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."