US and Canadian Trade Officials Continue to Work on New NAFTA Deal
Sep 06, 2018
US And Canadian Trade Officials Continue To Work On New NAFTA Deal
US Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland worked late into the night yesterday as the two countries seek to make a deal to modernize NAFTA. No deal has been put forth yet but both parties express optimism and say progress has been made. President Trump expects to know whether or not there will be a deal as early as this week. Some of the points of contention are that President Trump wishes to see an end to the protectionism of the Canadian dairy market while Canada wants duty free exports of lumber to the US and to be exempt from steel and aluminum tariffs. The US Commerce Department also announced that the trade deficit with Canada increased to $3.1 billion, potentially a boost to the Trump Administration during these talks.
China Discovers African Swine Fever On Four Separate Farms In One Day
The Chinese government has reported the presence of the African swine fever virus on 4 different farms across the eastern portion of the country. The largest of these infected farms had 203 hogs, while the smallest had only 30. This brings the total number of outbreaks up to 13 since the virus was first detected in swine herds in early August. The ASF virus has been uncovered on farms and slaughter facilities nearly 1,900 miles apart. The Chinese government seeks to halt the outbreak by banning transport of live hogs, which has left hog barns too full and slaughterhouses idle.
Argentina Export Taxes On Corn May Lead To Less Acres Planted
Following financial troubles in Argentina, President Macri has announced an export tax while be placed on corn and wheat at 10.5%. Soybeans will continue to be taxed at the previous rate of 28.5%. There was previously no export tax for either wheat or corn. Wheat planting has finished in Argentina but corn planting won’t begin until October. Gustavo López of Agritrend, a private consultancy based in Buenos Aires, Argentina says that this move by the government will lead to more planted acres of soybeans and that profitability on corn could fall by as much as 50%.
Heavy Rains Anticipated In The Wake Of Tropical Depression Gordon
As Tropical Depression Gordon cuts a path north, areas along the Mississippi River valley can expect heavy rainfall and potential flooding. The NWS warns of the potential for floods particularly in Arkansas and Mississippi. Further west, most of the state of Missouri is currently under flood warnings and watches, as rivers swell past their banks due to heavy precipitation since last weekend. The forecast calls for nearly another 6 inches of rain on Friday and Saturday. Areas along the Ohio River in S Illinois, S Indiana, S Ohio, and N Kentucky are expecting 5-6 inches of rain over the next few days as well.
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