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Shining Light on Farm & Food Policy for 20 Years.
Thursday, December 19, 2024
President Donald Trump said Thursday he will hit roughly $300 billion worth of Chinese goods — effectively the only goods remaining untaxed in the ongoing trade war — with a 10% tariff on Sept. 1, raising concerns that the recently renewed trade talks are not going well.
The U.S. and China have wrapped up their first round of face-to-face trade negotiations since talks fell apart in May and both sides agreed to meet again in September as President Donald Trump continues to tone down expectations of a quick resolution.
The latest version of the Trump administration’s trade assistance for farmers may provide some growers with more money than their actual losses from the ongoing trade war with China, but supporters of the aid package say it’s vital to helping many produces to survive until better times.
The Trump administration’s trade negotiations pick up this week with both China and Japan, while the Agriculture Department starts accepting applications for the latest round of trade assistance being offered to farmers as compensation for the impact of retaliatory tariffs.
The Agriculture Department overhauled its Market Facilitation Program to broaden the number of farmers that would receive the trade aid, but officials may encounter new grumbling over the wide disparities in county payment rates.
Agriculture will be one of the core subjects when U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to China next week to resume trade talks, according to a White House statement released Wednesday.
By the end of the year, China is finally expected to implement the quotas for corn, wheat and rice as it agreed to do about 20 years ago, but it may not be a cause for celebration for American farmers.
The telephone talks between U.S. and Chinese trade negotiators went well last week, potentially leading to an in-person meeting next week and an increase in Chinese imports of U.S. soybeans, according to Chinese and U.S. sources.
The White House Office of Management and Budget has finished its review of trade mitigation payments to the nation's producers hit by a trade war with China.
