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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, December 18, 2024
President-elect Donald Trump’s latest tariff announcement, if implemented, could raise farm input costs and dent U.S. agriculture exports, but analysts say he could cut deals to prevent some of the tariffs from materializing.
The Agriculture Department projects that the U.S. agricultural trade deficit will widen this fiscal year to $45.5 billion, an increase on the previous estimate as imports grow faster than expected.
Republican members of the House Committee on the Chinese Communist Party are raising concerns about the Agriculture Department’s quick approval of a variety of genetically modified soybeans developed by Chinese company Qi Biodesign.
Agricultural technology theft, acquisition of land near military sites and illegal access to precision agriculture data are a few of the potential risks presented by the Chinese Communist Party that the House Agriculture Committee weighed Wednesday in an hours-long hearing.
The Agriculture Department reduced its fiscal 2023 forecast for U.S. ag exports to $190 billion, a $3.5 billion drop from the agency’s last estimate in August, largely reflecting weaker expectations for soybean sales.
The U.S. and some allied nations won a key battle last week in Rome over the international acceptance of the livestock industry’s ability to use a key growth-promoting drug, but the European Union, China and others managed to barely block a full victory.
Brazil has been steadily planting more corn in recent years, and production may be on the verge of explosive growth as farmers double and even triple crop to take advantage of high prices, Chinese demand and a rising domestic ethanol sector.
Some of the top U.S. ag leaders are quietly discussing potential ramifications if China ramps up its aggression toward Taiwan and Russia continues its invasion of Ukraine.
Bipartisan agreement on the need for the U.S. and Taiwan to strengthen ties through a trade pact was on display Wednesday at a House Ways and Means Committee hearing, although Republican lawmakers were mostly critical of the Biden administration’s decision not to negotiate a traditional free trade agreement that requires approval from Congress.
