From drought issues posing problems in the Panama Canal to growing tensions and attacks in the Red Sea, it's causing freight rates to skyrocket and ongoing delays in shipping products around the globe.
While the U.S. and EU aim to make progress during an upcoming summit, reaching a final agreement is uncertain. This issue has significant implications for U.S./EU ties, climate goals, and geopolitics.
As brent crude futures soar toward $100, it's creating a new battle in the Federal Reserve's effort to fight inflation. One money manager warns another rate hike is likely.
China's GDP growth could possibly drop lower than the U.S. this year. In fact, fewer and fewer sectors are healthy, and only then by direct government intervention.
USDA on Thursday lowered expectations for both ag exports and imports in FY 2023. The export decline is linked to corn and wheat, while the import decline is correlated with easing prices.
“Mexico’s decree, which runs counter to scientific findings and is in direct violation of USMCA, is negatively impacting American corn growers,” said Tom Haag, NCGA president.
The July Ag Economists' Monthly Monitor showed several key changes from June including a bigger cut to corn and soybean yields, a drop in corn and soybean prices and more bullish cattle and hog prices.
The leaders also drafted a proposed legislation earlier this month that promises treaty-like benefits for businesses seeking cross-border investment opportunities via the tax code.
During a bilateral meeting on Thursday, U.S. Trade Representative Katherine Tai discussed with Mexico's Secretary of Economy Tatiana Clouthier various issues concerning energy and biotech corn.
Representatives from the U.S., Mexico and Canada will meet in Cancun, Mexico this week to discuss a series of disputes, including Mexican energy and biotech policies and Canadian dairy barriers.
Beijing on Monday announced export controls on gallium and germanium. Now the Biden administration is set to restrict Chinese companies’ access to U.S. cloud-computing services that use AI chips.
The Ag Economists’ Monthly Monitor is a new survey of nearly 50 economists. Most ag economists agree the next 12 months could produce more financial pressure for agriculture, but their views vary depending on commodity.
Over the 29 years of free trade, U.S. ag exports to Mexico increased both in terms of volume and value, although there were some years where growth was not positive.
“We fundamentally disagree with the position Mexico has taken on the issue of biotechnology, which has been proven to be safe for decades,” said Tom Vilsack, USDA secretary.
Exports rose 2.1% in March from the prior month to a seasonally adjusted $256.2 billion while imports declined 0.3% to $320.4 billion, the Commerce Department said.
Currently, foreign meat that is processed in U.S. plants can be labeled “Product of USA.” Arun Alexander, Canada’s deputy ambassador, isn't convinced this is a good practice.
While Tai has faced strong criticism about a lack of new trade agreements being pursued, she claimed this week that the U.S. is “nearing a consensus on the need to do things differently.”
Former President Donald Trump placed tariffs on more than $300 billion in Chinese goods during his presidency, raising costs for American companies, according to the ITC.
"It would be a lost opportunity if we just sit on the sidelines and watch other countries engage while the playing field continues to tilt against us," said Rep. Smith (R-Neb.).
"In this current situation, the traditional approach to free trade agreements — which isn't just tariff cuts, but that they do tariff cuts on a fully comprehensive basis — isn't what we need right now,” Tai says.
The 2018 farm bill was stamped with a $428 billon price tag when passed. With the bill set to expire on Sept. 30, here’s a breakdown of the topics ag groups look to push on the negotiating table.
Reps. Dusty Johnson and Jim Costa on Tuesday introduced the Safer Highways and Increased Performance for Interstate Trucking (SHIP IT) Act to expand the trucking workforce and offer flexibility in times of need.
If the nation’s debt hits $31.4 trillion—it’s on track to do so by this Thurs.—the Treasury will need to take “extraordinary measures” to help pay the government's operations and ward off a historic default.
Export tariffs on aluminum and aluminum alloys will be raised. The current import tariff will stay on seven types of coal until March 31, with tariffs adopted for most favored nations from April 1.
Minister Victor Villalobos said U.S. officials were satisfied with a proposal to delay a ban on the import of GMO corn until 2025, according to a published report.
The Senate on Wednesday confirmed Alexis Taylor for Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs. According to Taylor, her priorities include addressing export markets and food insecurity.
Europeans argue that the act is a beggar-thy-neighbor scheme designed to lure investors away from Europe, just as the region's economy teeters on the verge of recession.
Vilsack urged Mexico to "find a way forward" and said that if Mexico's plans went unchanged, the U.S. government would be forced to consider all options, including legal action under the USMCA.
China moved to close parks, malls and museums on Tues. as COVID-19 cases hit near-record levels. Lockdowns follow reports that, days before COP27, Xi sent policy and business advisers to New York to meet U.S. executives.
Unions and railroads are back at the negotiating table. By law, Congress can intervene to impose an agreement if the two sides remain deadlocked. However, one union is now on schedule to strike Dec. 5.
Congressmen who penned the Ocean Shipping Reform Act of 2022 are calling on the Federal Maritime Commission to mend the gap and provide "reasonable opportunities" for U.S. exporters to get their goods to foreign markets.
“In the last 2,500 years, every Chinese government that has fallen, has fallen over food,” says Kuehl, Armada chief economist. “They need those import markets—be it from the U.S, Canada, Brazil or Australia."
Global diesel and distillate fuel stocks have fallen to dangerous levels and the U.S. has been exporting a lot of diesel to Europe and Latin America, but now things are changing.
“If California were to win this Supreme Court case, there’s nothing stopping the state from saying, for example, you can only sell corn in California if it’s harvested with an electric combine,” says Dillard.
Do tariffs fuel inflation? John Phipps's Customer Support segment explains why economists have struggled to come up with estimates of economic effects due to lingering COVID influence on world business.
“We have tried to work constructively with the Mexican government to address these concerns, but, unfortunately, U.S. companies continue to face unfair treatment in Mexico," said Ambassador Tai.
U.S. Labor Secretary Marty Walsh remained optimistic about contract negotiations between workers and shipping companies for some of the country’s most important ports, even as talks extend past a previous deadline.
According to the Office of the USTR, the safeguard will allow U.S. exporters to meet Japan’s growing demand for high-quality beef while minimizing the odds that Japan will increase tariffs.
Estimates of when new routes will be regular shipping lanes keep advancing. It looks like the long-awaited transpolar shipping route could be a real thing around 2050. John Phipps explains why and the possible impact
The U.S.-China trade war began in July 2018 when the Trump administration imposed tariffs on $550 billion worth of Chinese goods. Nearly four years later, the debate remains as to which country actually won.
Higher prices at the grocery store don’t seem to be causing consumers to veer away from the meat counter. Robust meat demand abroad is also setting sail, despite inflation and shipping struggles.
John Phipps says positive or negative, any trade balance has dubious value, and only limited prediction power. Other than bragging rights, they mean little with no economic advantage for having a positive trade balance.
The commodity markets came under pressure to start the week as traders tried to shed risk over shipping concerns in China as COVID-19 concerns caused officials to shut down transportation amid a two-pronged lockdown.