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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, December 18, 2024
China is threatening to retaliate against the latest U.S. tariffs President Donald Trump threatened, according to a release from Xinhua News, a government-run media outlet.
Top U.S. and Chinese trade officials met over the phone Tuesday to try to further negotiations to end the countries’ trade war, said to President Donald Trump, who said the negotiations were “productive” and offered optimism that a conclusion could come soon.
USDA is cutting its estimates of U.S. corn and soybean acreage after resurveying farmers and doing further analysis of areas of the Midwest hit hard by heavy rains this spring.
The trade war with China has gone on longer than most expected, so it was a jolt to the collective system when President Donald Trump said twice in the past two weeks that it might rage on for another year or longer.
China, in retaliation for new U.S. tariffs, revoked its latest goodwill gesture of exempting some Chinese importers from its own tariffs on U.S. soybeans, but at least one U.S. shipment will get through unscathed, according to U.S. government and industry officials.
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 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 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.
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.
Crop insurance for corn, soybeans and wheat will cost more because of the expected effects of climate change on yields, the Economic Research Service concluded in a report made public Monday.
