The three largest countries in North America announced an end to the 11-month battle of tariff and retaliatory tariff that pinched U.S. farm exports to Canada and Mexico, the two largest customers in the world in the for the goods. The agreement, which took effect over the weekend, improved the prospects for ratification of the new NAFTA and altered the dynamics of the Sino-U.S. trade war.
Senate Finance chairman Chuck Grassley is working with like-minded senators on crafting a bipartisan bill to limit the president’s power to impose import tariffs in the name of national security. “We’ve got to get a huge vote on it because it could be vetoed by the president,” said Grassley on Wednesday.
U.S. food and agricultural exports would increase by $2.2 billion, or 1.1 percent, with full implementation of the United States-Mexico-Canada Agreement, the successor to NAFTA, said the U.S. International Trade Commission in a report issued Thursday.
Nearly 1 of every 4 pounds of U.S. red meat and poultry exports goes to Mexico, the overall top customer of U.S. food and agriculture exports, says the USDA. Mexico was the destination for 24 percent of beef, pork, mutton, broilers and turkey exports in 2018, nearly double the 13 percent market …
U.S. and Chinese negotiators may be within four weeks of resolving the Sino-U.S. trade war, said President Trump on Thursday. Trump said the nations are working on a comprehensive agreement. “And whether it’s our farmers or our technology people, all of them will be really happy.”
Vice President Mike Pence told Indiana farmers on Thursday that the Trump administration is “absolutely determined to see the USMCA completed and ratified by the U.S. Congress this spring.” During his visit, the vice president heard complaints about tariffs on agricultural products from “numerous” crop and hog farmers.
On Wednesday, in his latest threat to close the U.S.-Mexico border, President Trump demanded that Congress “immediately eliminate the loopholes at the Border.” The American Farm Bureau Federation asked that agricultural trade be exempted from any restrictions, and the National Farmers Union said a closure would be disastrous.
To speed approval of the successor to NAFTA, President Trump should remove tariffs on steel imported from Canada and Mexico, said Senate Finance Committee chairman Chuck Grassley on Monday.
The U.S. agricultural trade surplus will shrink to $13.5 billion this fiscal year, the smallest in at least six years, as exports stagnate at $141.5 billion and imports tick upward to $128 billion, said the USDA in a quarterly forecast.
Effective May 7, the United States will withdraw from a "suspension agreement" with Mexico over imports of fresh tomatoes so Washington can consider complaints of tomato dumping, said the Commerce Department on Thursday. The Florida Tomato Exchange asked the Trump administration last November to resume an investigation of whether tomatoes were being sold at less than fair value.