Global economic growth will slow to 3 percent this year, the lowest since the Great Recession began a decade ago, said the International Monetary Fund in a semi-annual report, and the China-U.S. trade war is a factor in this year’s weakening outlook. Chief economist Gita Gopinath told …
Aided by the Sino-U.S. trade war, the U.S. soybean inventory doubled to a record 913 million bushels in one year, the government said on Thursday. At the same time, the USDA estimated that total will be cut in half by next September.
Ahead of high-level Sino-U.S. trade talks, President Trump said on Monday that “I would much prefer a big deal” that would end the trade war, while at the same time touting the billions of dollars that farmers are receiving to mitigate the impact of lost exports.
With Sino-U.S. trade talks scheduled to resume next week, President Trump said on Thursday that “China should start an investigation into the Bidens.” He also said his administration was “looking at a lot of different things” to increase pressure on China to resolve the trade war.
When President Trump meets Prime Minister Shinzo Abe of Japan on Wednesday, it should be a red-letter day for Trump's policy of bilateral, rather than multi-nation, trade negotiations. The two leaders are expected to approve a deal on agricultural and digital trade. U.S. food and ag exports could rise as a result.
In what may be an opening in the Sino-U.S. trade war, a group of Chinese officials will tour U.S. farms next week, said Agriculture Secretary Sonny Perdue on Thursday.
Private exporters reported their second major sale of U.S. soybeans to China as the two nations prepare for working-level meetings to resolve their trade war, said the USDA on Monday. Mid-level negotiators are expected to meet on Friday, ahead of ministerial discussions in early October.
A veritable footnote in the $4 trillion federal budget could become a top-line issue this week in the debate between lawmakers and the administration over government funding. House Democrats might refuse to provide money for the obscure USDA agency that has sent billions of dollars in cash to farmers and ranchers to mitigate the impact of the Sino-U.S. trade war.
Ahead of working-level U.S.-Chinese trade talks this week, China bought $67 million worth of U.S. soybeans and said it would exempt American pork and soy from additional tariffs taking effect this month. President Trump said he would "rather get the whole deal done" but could be open to a mini-deal with China.
At a farm group rally on Thursday for approval of the United States-Mexico-Canada Agreement, two senior members of the U.S. House said that action on the USMCA would carry benefits in resolving the Sino-U.S. trade war.