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Secretary Perdue Statement on USMCA Agreement
U.S. Secretary of Agriculture Sonny Perdue issued the following statement after United States Trade Representative Robert Lighthizer and Speaker of the House Nancy Pelosi announced agreement on the U.S.-Mexico-Canada Agreement (USMCA): “USMCA is a big win for American workers and the economy, especially for our farmers and ranchers. The agreement improves virtually every component of the old NAFTA, and the agriculture industry stands to gain significantly,” said Secretary Perdue. “President Trump and Ambassador Lighthizer are laying the foundation for a stronger farm economy through USMCA and I thank them for all their hard work and perseverance to get the agreement across the finish line. While I am very encouraged by today’s breakthrough...
Retail Imports Surged in November Ahead of December Tariffs
Volume at the nation’s major container ports bumped up significantly in November as retailers imported merchandise ahead of new tariffs set to take effect this month, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“At this point, holiday merchandise is already in the country, so the direct impact of new tariffs won’t be seen until the season is over,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Nonetheless, tariffs are bad for both consumer and business confidence, and we hope that the December tariffs will be canceled or postponed as a sign of good faith. We need a deal with China as soon as possible so we can...
Retailers Say Extending Trade War Past 2020 Elections Would Be ‘Bad Deal’ for U.S. Economy
The National Retail Federation today issued the following statement from Senior Vice President for Government Relations David French in response to President Trump’s comments that he might wait until after the 2020 elections to reach a trade agreement with China:
“We want and need to see a deal as soon as possible. The tariffs continue to hurt U.S. businesses, workers and consumers and are a substantial drag on the U.S. economy. Waiting another year to resolve the cost and uncertainty of the trade war is a bad deal not just for retailers and their customers but every segment of the economy from farmers who export their crops to...
Rabobank Beef Quarterly Q4 2019: Strong Demand to Test Supply in 2020
Beef will see a continuation of strong import demand from China in 2020, according to Rabobank’s Beef Quarterly for Q4 2019.
Strong demand will be the driving force in the global beef market in 2020, while beef production will experience slow growth.
“Although beef is not strictly a fungible product, demand and supply pressures will cause a redistribution of product among markets. Market participants will need to be vigilant for any...
U.S. Pork Can Reduce Overall U.S. Trade Deficit with China by Nearly Six Percent
Securing zero-tariff access to China for U.S. pork would be an economic boon for American agriculture and the country, according to the National Pork Producers Council (NPPC). Based on an analysis by Iowa State University (ISU) Economist Dermot Hayes, NPPC says unrestricted access to the Chinese chilled and frozen market would reduce the overall trade deficit with China by nearly six percent and generate 184,000 new U.S. jobs in the next decade. NPPC today launched a digital campaign to spotlight the importance of opening the Chinese market to U.S. pork as trade negotiations continue.
“Were it not for China’s tariffs that are severely limiting access to American goods and other restrictions, including customs clearance delays, U.S. pork could be an economic powerhouse, creating thousands of new jobs, expanding sales and dramatically slashing our nation’s trade deficit. China’s actions would...
Rabobank: Supply Slide Saves Grounded Demand
Agricultural commodities were heavily impacted by trade wars, African swine fever, and erratic weather in 2019. According to the RaboResearch report "Outlook 2020: Supply Slide Saves Grounded Demand," many of these factors will remain key for agri commodity prices in 2020.
In 2019, agri commodity markets were impacted by several unprecedented incidents and uncommonly severe conditions. China's hog herd declined significantly, as a result of African swine fever (ASF). This drastically weakened demand for feed and, combined with the US-China trade war, resulted in a significant slowdown in the global soybean trade.
Meanwhile, record US corn- and soybean-planting delays drove corn prices from three-year lows to six-year highs within a few weeks. Then, improved...
US and China Could Sign ‘Phase One’ Trade Deal Before Christmas, Pimco Predicts
A “phase one” trade deal between the U.S. and China could be finalized and signed before Christmas this year, according to an executive from bond investment giant Pimco.
Optimism that such an agreement could be reached between the two countries faded in recent days following reports that Washington and Beijing remained far apart on several issues. A Chinese government source told CNBC’s Eunice Yoon on Monday that China is troubled after U.S. President Donald Trump said he hasn’t agreed to roll back tariffs.
But John Studzinski, managing director and vice chairman of Pimco, said on Tuesday that he still thinks the two sides would...
ANALYSIS: Deciphering Chicken Dark Meat
News of China lifting its five-year ban on U.S poultry and therefore granting access to more than a billion dollars’ worth of potential export business for chicken and chicken products is making the rounds...
Retail Imports to See Final Tariff-Driven Surge of the Year
Imports at the nation’s major retail container ports are expected to see their final surge of the year this month ahead of new tariffs set to take effect in December, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Retailers are highly competitive, but the ability to compete has been challenging this year because of the uncertainty of the trade war and continued tariff escalation,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Retailers are encouraged by reports that China and the United States have agreed to remove at least some of the existing tariffs once a ‘phase one’ deal is signed. We are eager to see concrete evidence that the trade war is coming to an end with...
ANALYSIS: China Trade Talks Suggest a Light is at the End of the Tunnel
Current trade discussions between the US and China stand to benefit the US poultry industry which has been unable to export to China since 2015...
Retailers Welcome Progress on Trade, say Administration has Listened to Concerns
The National Retail Federation today issued the following statement from Senior Vice President for Government Relations David French after the Trump administration announced that a scheduled tariff hike from 25 percent to 30 percent on $250 billion worth of goods from China will not take place next week as negotiators finalize a tentative trade deal.
“Retailers are encouraged by the progress made between the United States and China and are pleased that the administration has listened to the concerns of the business community as the trade war takes an increasing toll on the American economy. The decision to delay planned tariff hikes is...
A Hard Landing for Some: US Trade Tariffs on EU Agricultural Products
On Wednesday, October 2, the WTO ruled in favor of the US in a long running trade dispute over illegal government support to European aircraft builder Airbus. It allowed the US to impose tariffs on USD 7.5bn worth of products from the EU-28. The tariffs proposed are not a broad list focused on the whole European agricultural sector, rather it targets specific countries and product categories. For example, in 2018, almost 80% of US wine imports in value terms were imported from the EU-28. Not only do US consumers favor European wines, they also have a taste for whiskies, olive oil and dairy products from the region.
Alcoholic Beverages: French and Spanish Wine Impacted Most, Followed by Scottish Single Malt Whiskies
The US accounts for around 18% of French and 12% of Spanish wine exports in value terms. Even if sparkling wines and those with over 14% alcohol content are...
Retail Imports to See Surge Ahead of December Tariffs
Imports at the nation’s major retail container ports are expected to hit their highest level of the year again next month just before more tariffs take effect in December, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“This is the last chance to bring merchandise into the country before virtually everything the United States imports from China comes under tariffs,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Retailers are doing all they can to mitigate the impact of tariffs on their customers. The effect on prices will vary by retailer and product during the holiday season, but ultimately...
NCBA Statement on Trade Agreement with Japan
National Cattlemen’s Beef Association (NCBA) President Jennifer Houston today issued the following statement after attending a White House ceremony in honor of the bilateral trade agreement between the United States and Japan that will lower Japan’s massive tariffs on U.S. beef.
“I was deeply honored to attend the ceremony at the White House where we celebrated a bilateral trade agreement with Japan. As the top market for U.S. beef exports, Japan accounts for one quarter of our exports and roughly $2 billion in annual sales. As a beef producer, I understand the value of exports to my bottom line, and President Trump understands that increased access to foreign markets like Japan is the economic stimulus we need. We are grateful for President Trump’s leadership and for the hard work of...
NCC Applauds Signing of US-Japan Trade Deal
The United States and Japan outlined initial details of a trade deal as the countries work on details of a broader agreement in the coming months.
Under the agreement, frozen U.S. poultry will be among the agricultural products that will benefit from staged tariff elimination.
“Under the U.S.- Japan Trade Agreement, frozen chicken products will receive favorable tariff reductions enabling our products to compete more effectively with those countries in...
August Retail Sales Grew 4.1 Percent Over Last Year but New Tariffs Present 'Downside Risk'
Retail sales were up 0.4 percent in August seasonally adjusted from July and up 4.6 percent unadjusted year-over-year, the National Retail Federation said today. The numbers exclude automobile dealers, gasoline stations and restaurants.
“While consumer attitudes about the economy indicate some retreating optimism, the bottom line is that consumer spending remained resilient in August and continued to be a key contributor to U.S. economic growth,” NRF Chief Economist Jack Kleinhenz said. “Trends remain strong, but August grew somewhat slower than July, which could reflect consumers’ concerns about the unpredictability of trade policy. It is too early to assess the impact of the new tariffs that took effect at the beginning of this month, but...
NPPC Statement on China Market Access
Chinese media reported that it was suspending the imposition of punitive tariffs on U.S. pork imports. The following is a statement from National Pork Producers Council President David Herring, a pork producer from Lillington, N.C.:
“If media reports are accurate, this is a most welcome development. The Chinese have placed punitive tariffs of 60% on most U.S. pork products, bringing the effective tariff rate on most U.S. pork to 72%.
“According to Iowa State University economist Dermot Hayes, the Chinese retaliation on U.S. pork has shaved $8 off the price of every hog sold in the United States for well over a year. Most of our competitors face only a...
China to Exempt U.S. Pork, Soybeans from Additional Tariffs -Xinhua
China will exempt some agricultural products from additional tariffs on U.S. goods, including pork and soybeans, China's official Xinhua News Agency said Friday, in the latest sign of easing Sino-U.S. tensions before a new round of talks aimed at curbing a bruising trade war.
The United States and China have both made conciliatory gestures, with China renewing purchases of U.S. farm goods and U.S. President Donald Trump delaying a tariff increase on certain Chinese goods.
China had imposed three rounds of additional tariffs on U.S. pork, including 25% increases in April and July 2018 and a 10% bump this month, raising the total duty from...
Pork Producers Urge Congress to Ratify USMCA and Support Measures to Prevent Foreign Animal Disease
Congressional ratification of the U.S.-Mexico-Canada trade agreement (USMCA), allowing the U.S. pork industry to maintain zero-duty market access to two of its largest export markets, remains a top priority for the National Pork Producers Council (NPPC). More than 120 pork producers from across the country helped spread this and other messages on Capitol Hill this week during NPPC’s Fall Legislative Action Conference (LAC).
“Last year, Canada and Mexico took over 40 percent of the pork that was exported from the U.S. and they are expected to be a large percentage this year as well,” said NPPC President David Herring, a pork producer from Lillington, N.C. “USMCA will strengthen...
Retailers Respond to Announcement of US-China Trade Talks
The National Retail Federation issued the following statement from President and CEO Matthew Shay after the announcement that China and the U.S. will hold high-level trade talks in October.
“We are encouraged by the confirmation of US-China trade talks. We urge the administration to end this trade war and come to an agreement that results in a complete roll back of the existing tariffs. This trade war has gone on far too long, and the harmful consequences for American businesses and consumers continue to grow. We are optimistic both sides will come together and make significant progress toward a trade deal that resets US-China trade relations and...
Industry Reacts to Agreement on USMCA
USDA Proposes Updates to National Poultry Improvement Plan
Rabobank: Global Beef Trade Into the 2020s
World Food Prices Jump in November
Women in Food and Agriculture Survey Results: Are Women Fairly Represented in the Industry?
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