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Shining Light on Farm & Food Policy for 20 Years.
Thursday, December 19, 2024
In the latest salvo of trade actions between the U.S. and Chinese governments, the Chinese Ministry of Commerce (MOC) announced plans today to impose a 25 percent tariff on $50 billion of U.S. goods, including soybeans, aircraft and automobiles, according to the Chinese News Agency, Xinhua.
China is starting its retaliation against U.S. steel and aluminum tariffs today, announcing it is imposing its own tariffs on a list of 128 U.S. products that are mostly farm commodities.
The U.S. ag sector, already reeling from depressed prices, understands the White House’s desire to punish trade abuses by countries like China, but there is a growing fear that President Donald Trump’s aggressive tactics and rhetoric are threatening overseas markets, according to farm and trade officials speaking today at an Agri-Pulse forum.
Now that Syngenta has agreed to pay $1.51 billion in what may be the largest agricultural litigation settlement ever in the United States, corn growers may be wondering how much they will get, and when.
The European Union, Brazil, South Korea, Japan and other steel and aluminum exporters are scrambling to try and get exemptions to President Donald Trump’s tariffs, while much of the U.S. ag sector is worried they’ll be harmed by a backlash.
Syngenta has agreed to pay $1.5 billion to settle claims that its commercialization of genetically modified corn seed caused China to reject U.S. corn imports for about a year starting in November 2013.
The U.S. farm sector knows the repercussions from President Donald Trump’s plan to impose steep tariffs on steel and aluminum imports are going to be bad – they just don’t know yet how bad.
The Trump administration this week finalizes hefty steel and aluminum tariffs that have farm groups bracing from retaliatory trade actions, and the president also is pushing forward to address complaints by refiners about the cost of complying with federal biofuel mandates.
