Trade
The maneuvers to try to refloat the mega container ship Ever Given, stranded in the Suez Canal since last Tuesday, have been successful early this Monday.
USDA Secretary Tom Vilsack said a Mexican plan to ban imports of GMO corn would apply to grain used for human food products, not livestock feed, based on a conversation he had with Mexican Agriculture Secretary.
On Thursday, the market closed lower, but prices made a comeback Friday. Joe Vaclavik says despite the trade’s reaction after the purchase were confirmed, this week’s buys create an even better story for corn demand.
The first U.S.-China meeting of the Biden administration got off to a fiery start, with both sides leveling sharp rebukes of the others’ policies in a display that underscored the level of bilateral tension.
Farmers for Free Trade wants to see a full implementation of the Phase One trade agreement. A year into the deal, there are still accountability and compliance issues with China.
The same week U.S., Chinese officials will meet for the first time under the Biden Administration, China made two big corn purchases. Arlan Suderman of StoneX says while it may seem coincidental, the demand is real.
In a unanimous Senate vote on Wednesday, Katharine Tai was confirmed as the next U.S. Trade Representative. The trade expert was confirmed with a vote of 98-0.
While trade is not a headline of the Biden Administration in the first 100 days, it’s not stopping Katherine Tai from making her voice heard. Tai is now waiting full confirmation vote to put her ideas to work.
Congress got a clearer view of President Biden’s trade agenda this week as the Senate Finance Committee questioned Katherine Tai, Biden’s nominee to serve as the United States Trade Representative.
Biden’s USTR nominee was a key player in the USMCA negotiations, and some think USMCA may be a template for future trade talks, including the possibility of rejoining the Trans-Pacific Partnership (TPP).