Trade
Before the White House’s 90-day pause on higher tariffs for other countries expires on July 9, India is one country rushing to negotiate a trade deal with the U.S.
The administration created a “top 10 list” that includes the fishing industry, agricultural land deforestation in Brazil that impacts beef and soy production and Mexican avocados produced on illegally deforested lands.
The original proposal would have resulted in millions of dollars of fees per vessel, thus lowering commodity prices. The revisions, however, have some key exemptions that are net positive for U.S. agriculture.
Growers are grappling with a second consecutive year of waning demand and no home for their grapes. The issue is complex with non-tariff trade barriers hitting the wine industry especially hard and a flood of imports that are creating cheap wine with which U.S. grape growers can’t compete.
Ocean shipping transports about 80% of global trade — from coal and corn to bananas and cement. The revisions tackle major concerns from the global maritime industry that feared virtually every cargo carrier could face steep, stacking fees.
“We’re only 15 days into this. It feels like a year, right?” says Matt Clark, senior rural economy analyst. “I catch myself feeling very overwhelmed by the news flow, a lot has happened in 15 days.”
On a recent trade mission to Vietnam, South Dakota farmers found out the tariffs being proposed by the Trump administration are a huge concern for exporters.
Per CEO Bill Anderson in an interview this week, Bayer will have a decision in months — not years — about whether it will remain the only domestic producer of glyphosate in the U.S.
On her list of issues to tackle, says Secretary of Agriculture Brooke Rollins, is deciding if farmers will need another round of assistance payments later this year and if USDA headquarters should be relocated.
The tit-for-tat on tariffs between the U.S. and China continues, with China announcing on Friday a new rate of 125%, which is up from the 84% announced earlier this week. That pushes the tariff on U.S. pork and pork variety meat to 172%. The new soybean tariff is more than 150%.