Negotiate before applying tariffs, Farm Bureau says
The largest U.S. farm group would prefer negotiation, rather than a salvo of tariffs, as the first step in resolving U.S. disputes with other nations, said the American Farm Bureau Federation’s chief economist on Wednesday. “I think it’s important, when we’re talking about friends like Mexico and Canada, that we talk first,” said economist Roger Cryan. “And think about shooting later.”
A ‘Trump bump’ on the farm, with a dollop of trade war anxiety
As it did eight years ago, Donald Trump's victory in the presidential election has ignited a surge of enthusiasm among farmers, although two-fifths of them say there is a risk of a damaging trade war, said a Purdue University poll released on Tuesday. The Ag Economy Barometer, a gauge of farmer confidence, surged 30 points to its highest reading since May 2021.
‘Tariff man’ Trump picks trade hawk to run USTR
President-elect Donald Trump, who declared, "I am a tariff man," in 2018, selected Jamieson Greer, an important figure in the Sino-U.S. trade war, to serve as U.S. trade representative (USTR) in his second term. Trump announced the choice during a string of days in which he threatened high import duties on a dozen countries, including Canada, Mexico, China, India, Brazil, and South Africa.
Trump reminds farmers of trade war aid; Harris would fix ag labor shortages
Former president Donald Trump said in a questionnaire released on Thursday that he would use “every tool at my disposal,” including tariffs, to expand U.S. food and ag exports if he is re-elected. Vice President Kamala Harris would not tolerate unfair trade practices from China or other competitors, said senior aides to the Democratic nominee.
WTO backs U.S. in challenge of Chinese trade war tariffs
China wrongly imposed retaliatory tariffs against U.S. products including pork, wine, and fruits and nuts in response to Trump-era tariffs on aluminum and steel imports, said a WTO dispute panel on Wednesday. The trade war levies were an additional 25 percent on pork and an additional 15 percent on fruits and derived products.
Farm payments doubled during subsidy flood, says EWG
The government paid a record $41.6 billion in a variety of subsidies to farmers in 2020, double the amount they received in 2018, when the Trump-era cash gusher began flowing, said the Environmental Working Group on Wednesday.
Trade war payments skipped specialty crop, underserved farmers
The USDA sent $23 billion in trade war payments to more than a half million farming operations, with the lion's share of the aid going to row-crop producers, said the Government Accountability Office on Thursday. Historically underserved farmers received less than 4 percent of the money.
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.
Trump trade war had ‘winners and losers’
When Trump appointees at the USDA parceled out trade war assistance to farmers, they exaggerated the damage in 2019 and over-compensated corn and wheat growers, said a congressional agency on Monday. "This report confirms that the Trump USDA picked winners and losers in their trade programs and left everyone else behind," said Senate Agriculture chairwoman Debbie Stabenow, a Michigan Democrat.
Agriculture is ‘unpredictable sector’ in Sino-U.S. trade, says Tai
The United States will press China to live up to its commitments in the "phase one" agreement, said U.S. trade representative Katherine Tai on Monday in unveiling the Biden administration's "strategic vision for re-aligning trade policies toward China." During a speech at a Washington think tank, Tai said agricultural trade was an "unpredictable sector" given Chinese willingness to intervene in the market.
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.
ERS: Nearly $58 billion to farmers in pandemic year
When crop insurance indemnities and unemployment benefits are counted, the government sent $57.7 billion to farm operations and farm households in 2020, while the pandemic sent the U.S. economy into recession, said a working paper by USDA economists. It was the highest estimate yet of federal assistance to farmers last year and the most inclusive.
Vilsack trade view: ‘Over-reliance on China,’ no deal with EU soon
Ag exports, a key part of U.S. farm revenue, are expected to generate 36 cents of every $1 in cash income this year, thanks to high commodity prices as the world recovers its appetite and the pandemic recedes. Agriculture Secretary Tom Vilsack said the country ought to diversify its sales to a broader range of markets.
Corn may be king, but soybeans rule U.S. exports
By a wide margin, soybeans are the most valuable U.S. farm export, accounting for 18 cents of every $1 in sales during calendar 2020, said the USDA's Foreign Agricultural Service on Wednesday.
Vilsack on ag trade with China: ‘They need us’
Although China has yet to fulfill its "phase one" promises of mammoth purchases of U.S. farm exports, "the fact is, they need us," said Agriculture Secretary Tom Vilscak during a digital news conference. He added that, with China back in the U.S. market, commodity prices are high enough that, "I'm not sure there's necessarily a need for any trade-related assistance [to farmers] at this point."
China gobbles a larger share of world meat trade
The world's most populous country is already its largest meat-importing nation and "looks like it's poised to play a major role in meat markets in the future," said USDA senior economist Fred Gale on Thursday. China's imports of beef, pork, and poultry are projected by the USDA to grow 29 percent in the coming decade.
White House reviewing ‘phase one’ agreement with China
China bought a mammoth 5.85 tonnes of American-grown corn last week, including 2.108 million tonnes on the same day that the White House said the "phase one agreement" that de-escalated the trade war was under review. "The national security team, the newly confirmed secretary of state, President Biden are all reviewing all aspects of our national security approach, including certainly our relationship with China," said press secretary Jen Psaki.