China

U.S. lists biotechnology and ‘agricultural industrial base’ as national security interests

President Biden directed the Treasury-led committee that scrutinizes foreign investment in America to consider the national security impact any deals would have on U.S. technological leadership, including biotechnology and “elements of the agricultural industrial base that have implications for food security.” The executive order was issued amid rising concerns about Chinese purchases of U.S. land and companies.

Farm income, at record high, to moderate through 2027 — FAPRI

War in Ukraine and record-large ag exports to China will drive U.S. net farm income to a record $148.3 billion this year, twice as high as five years ago, said the FAPRI think tank on Monday. Income would decline in 2023 and 2024 as commodity prices soften, and then hold steady through 2027.

Ag is sole bright spot in Sino-U.S. trade

So far this year, U.S. exports to China are running at 2021's level and there is little reason to expect improvement in the near term, said analyst Chad Bown of the Peterson Institute for International Economics on Monday. "While agriculture overall remains a U.S. export bright spot in 2022, products like pork, wheat, and corn face new worries," he wrote.

U.S.-China ag trade endures amid rancorous rivalry

China was far and away the top customer for U.S. food and ag exports, despite rising tensions between the nations and the still-unresolved trade war, according to government data released on Monday. Agricultural economist David Widmar said China was on track to break the record it set last year for purchases of American agricultural products.

Growth slows as world population nears 8 billion

The global population is growing at its slowest rate since 1950, less than 1 percent a year, said the United Nations on Monday, with the population forecast to pass the milestone of 8 billion on Nov. 15. India was expected to surpass China as the world's most populous nation next year, with the United States challenged for third place by Nigeria by mid-century.

Keep China out of U.S. agriculture, say House lawmakers

A week after a House committee voted to prohibit China from purchasing U.S. agricultural land, the No. 3 House Republican leader cited national security concerns in spearheading legislation to block China from acquiring U.S. agricultural companies. The restrictions were proposed at the same time business groups sought removal of U.S. tariffs on Chinese goods, remnants of the Sino-U.S. trade war.

House committee votes to ban sale of U.S. farmland to Russia and China

Companies from Russia, China, North Korea, and Iran would be barred from purchasing U.S. agricultural land under language approved by the House Appropriations Committee on Thursday.

‘Phase one’ was doomed to disappoint, and it did, say analysts

The 2020 agreement that de-escalated the Sino-U.S. trade war set unrealistically high goals for U.S. exports to China and failed to deliver on them by large margins, say analysts. Overall, China bought just 57 percent of the goods and services it committed to buying as part of the “phase one” agreement. The agriculture sector, at 83 percent, came closest to reaching its export goal.

Apple industry asks Biden to remove tariffs on Chinese goods

Exports of U.S. apples "have taken a big hit in recent years," with the Sino-U.S. trade war as a leading reason, said the U.S. Apple Association on Thursday. The trade group called on the Biden administration to remove U.S. tariffs on Chinese products so that China would eliminate its retaliatory tariffs on U.S. goods that include apples.

Agriculture has ‘unfinished business’ in Sino-U.S. trade, says Vilsack

Although China purchased a record amount of U.S. farm exports over the past two years, it wasn't enough to comply with the "phase one" agreement that de-escalated the Sino-U.S. trade war, said Agriculture Secretary Tom Vilsack on Thursday. "We obviously have some unfinished business with reference to phase one," Vilsack told lawmakers a day after President Biden pointed to Chinese shortfalls.

Trade war price tag: $27 billion in lost ag export sales

China accounted for 95 percent of the $27 billion in U.S. farm export sales that were lost in 2018 and 2019 as a result of the trade war begun by President Trump, said a USDA report. Sales to China rebounded after the "phase one" trade agreement, but U.S. market share has remained lower than before the tit-for-tat tariffs.

California ag exports down by $2.1 billion due to ‘Containergeddon’

The cargo pileup at West Coast ports may have had a greater impact on farm exports from California than the Sino-U.S. trade war did, said three economists on Wednesday. They estimated losses of $2.1 billion in foreign sales during a five-month period because of port congestion, comparing that to economic losses of about $500 million for California agriculture during the first year of the trade war.

China is a big ag exporter as well as importer

In the past two decades, China has shifted from a net exporter of agricultural products, with a trade surplus of $2.3 billion, to the world's largest importer, with a trade deficit of $100 billion, according to a review of Chinese membership in the World Trade Organization. The flood of imports obscures China's position as the fourth largest ag exporter in the world, trailing the European Union, the United States and Brazil.

U.S. farm exports to set a record, but not as big as expected

China is buying less U.S. crops and livestock than expected, particularly soybeans, and America's ag exports are feeling the pinch. Sales are forecast at a highest-ever $175.5 billion this fiscal year, said the USDA on Tuesday, but just like the record set last year, the crest was not as high as it looked in the summer.

U.S. farm exports are in record-setting territory

It's an open question if U.S. ag exports were as large as forecast in fiscal 2021, but a running tally by the USDA says they were the largest ever. Shipments to foreign buyers totaled $160.2 billion with one month to go in the fiscal year, topping the record of $156.8 billion set in fiscal 2014.

Ag purchases are a test of Chinese credibility, says Vilsack

Speaking to a farm conference, Agriculture Secretary Tom Vilsack said China's adherence to its commitment to buy mammoth quantities of U.S. farm exports will be a test of the Asian nation's place in global relations. While China has buoyed commodity prices with its purchases, it is not on track to meet the goal of importing $43.6 billion worth of U.S. food, agricultural, and seafood products by the end of December.

China to be world’s leading corn importer even with record crop

A favorable growing season and government policies that encourage crop rotations will result in a record corn crop in China, estimated the USDA. China is second to the United States as a corn producer and will be the world's largest corn importer for the second year in a row, according to the monthly World Agricultural Production report.

Highest farm income in eight years, but one-third comes from government

Higher prices for corn, soybeans, hogs, cattle, and broiler chickens — top U.S. ag products — will boost net farm income to $113 billion this year, the highest since 2013, estimated the Agriculture Department on Thursday. Income would be 26 percent higher than the 10-year average, reflecting the economy-wide recovery from the pandemic.

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