Business news articles continue to highlight how Chinese soybean tariffs are impacting the international sale and purchase of soybeans. Today's update looks briefly at a few of these recent news items.
President Trump indicated this week that the U.S. is planning to increase tariffs on Chinese imports, while China responded with proposed tariffs of its own on more U.S. exports. As trade tensions between the two countries increase, the U.S. Department of Agriculture released its latest soybean estimates earlier this month, which provided additional insight into the ongoing agricultural impacts of the trade war.
On Thursday, the Senate Ag Committee held a hearing titled, "Perspectives on U.S. Agricultural Trade," where lawmakers engaged in a discussion with Gregg Doud, the Chief Agricultural Negotiator with the Office of the United States Trade Representative, and Ted McKinney, USDA's Under Secretary For Trade And Foreign Agricultural Affairs. USDA Chief Economist Dr. Robert Johansson also provided technical background at the hearing.
A radio update from USDA on Thursday indicated that U.S. agriculture exports set a record in July. "It's the best July that the U.S. has seen as far as agricultural exports go, the value total," said Bryce Cooke, an economist with USDA's Economic Research Service. The total value of U.S. agricultural exports in July totaled just over $11 billion.
The Administrator of USDA's Farm Service Agency (FSA), Richard Fordyce, was a guest on Friday’s “Adams on Agriculture” radio program with Mike Adams, where he discussed details of the new Market Facilitation Program. Meanwhile, USDA released its quarterly Outlook for U.S. Agricultural Trade last week, which noted that agricultural exports to China are projected to decrease.
On Monday, the U.S. Department of Agriculture provided additional details on its trade assistance package for farmers. Meanwhile, President Trump indicated that the U.S. and Mexico had reached an agreement on trade, which he described as a replacement of NAFTA, in what some observers saw as an effort to pressure Canada in ongoing trade negotiations.
Recent news reports suggest that trade talks between the U.S. and China last week yielded little progress towards resolution. Some experts indicated that the ongoing trade conflict between the two countries could worsen. Meanwhile, the U.S. Department of Agriculture could release details on its trade aid package as early as Monday.
Today's update explores recent news articles that discuss the impacts of the U.S., China trade dispute, with a focus on how farmers are reacting to ongoing tariffs. In addition, midlevel talks between the U.S. and China have been scheduled as the two countries began to prepare for their first major negotiation in more than two months.
U.S. farmers are anxious for details on the trade assistance package the administration announced in July. Press reports indicate that program guidelines could be issued by August 24th. Meanwhile, business news articles and USDA data continue to shed light on agricultural export variables as the ongoing trade dispute with China continues.
The U.S. Department of Agriculture painted a clearer picture of soybean and corn production prospects for this year's harvest on Friday. In addition, recent USDA trade data, along with business news articles, have provided further perspective on U.S. soybean exports, particularly as it relates to China. Today's update explores a few of these issues in more detail.