U.S. farmers will gain broader access to Japanese consumers under an agreement signed by Prime Minister Shinzo Abe and President Trump on Wednesday in New York. The White House called the deal “a major win for our farmers, ranchers, and growers.”
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.
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.
Leaders of the National Pork Producers Council appealed to China to remove its 60 percent tariff on imports of U.S. pork so it can bring down the soaring price of pork for Chinese consumers.
Hours after complimenting China for waiving tariffs on some U.S. products, President Trump announced on Wednesday a two-week delay, until Oct. 15, of higher tariffs on $250 billion worth of Chinese-made goods. On social media, Trump called the delay “a gesture of good will.”
Senior Chinese and U.S. officials will resume trade talks in Washington in early October, a month later than initially planned, said China’s Ministry of Commerce on Thursday. Working-level discussions are planned for mid-September “to fully prepare for the substantial progress of the high-level consultations,” said the ministry.
U.S. farm exports plunged by an abrupt 6 percent this year due to the Sino-U.S. trade war and a worldwide slowdown in economic growth, but they will rebound mildly in the year ahead, said the USDA on Thursday. However, the agency’s first forecast of exports in fiscal 2020 excluded the impact of a promised mutual escalation this fall of the trade war between China and the United States.
For nine of the 11 commodities examined by ag lender CoBank, "U.S. producers — not the importing country or its consumers — paid the cost" of retaliatory tariffs. "U.S. farms are taking the brunt of the retaliatory tariffs placed on their products, reflecting the lopsided balance of power between U.S. producers and their importing customers," concluded three CoBank analysts, who said America will pay a price in the future, too.
The Commerce Department and Mexican tomato growers initialed a new agreement that, beginning on Sept. 19, will control U.S. imports of roughly $2 billion a year worth of fresh tomatoes from Mexico, said officials from both nations on Wednesday.
During the second day of trade talks in Shanghai, Chinese officials “confirmed their commitment to increase purchases of U.S. agricultural exports,” said the White House on Wednesday. “The U.S. side agreed to create favorable conditions for it,” said a Chinese editor believed to have contacts in the government.