China failed to meet its "phase one" target for imports of U.S. food, agriculture, and seafood products despite a surge in purchases that began late last summer, said the Peterson Institute for International Economics on Thursday.
The Uruguay Round of trade negotiations, concluded in 1994, created tariff-rate quotas for agriculture with the expectation that they would be a stepping stone to freer trade. Instead, most of those TRQs are still in place and new WTO members have added 43 more, says a report by three USDA researchers.
The Trump administration said it was challenging Canadian quotas on dairy imports as unfair to U.S. milk producers. The challenge, announced on Wednesday, was the first under the United States-Mexico-Canada free trade agreement.
President-elect Joe Biden supports greater broadband access and more funding for rural healthcare, and says he will not immediately remove President Trump's tariffs on Chinese products, according to a column in the New York Times on Wednesday.
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 European Union announced higher tariffs on $4 billion worth of U.S. products, including agricultural exports, industrial goods, and aircraft on Monday in an escalating dispute over government support of the airplane industry on both sides of the Atlantic Ocean. The Trump administration …
The United States suspended $817 million in trade preferences granted to Thailand "based on its lack of sufficient progress [in] providing the United States with equitable and reasonable market access for pork products," said the Office of the U.S. trade representative on Sunday. Trade representative Robert Lighthizer said when countries fail to meet the criteria to participate in the General System of Preferences, "we will take action by limiting their preferential duty-free access to the U.S. market."
In a speech at the Iowa State Fairgrounds, Vice President Mike Pence pointed on Thursday to China's promises to roughly double its purchases of U.S. farm exports as evidence that there is "no greater fighter on trade than President Donald Trump." The pledge was part of the "phase one" agreement that de-escalated the Sino-U.S. trade war and is scheduled for a six-month review by the two nations this weekend.
President Trump is "going after China the wrong way" in a go-it-alone trade war that has damaged U.S. agriculture and manufacturing, said Joe Biden, the presumptive Democratic nominee for president, in an interview to be aired on Thursday.
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.