The White House has asked China to come up with a plan that would cut $100 billion off the trade deficit it currently has with the U.S. An administration official says that would be a reduction of more than 25 percent from last year’s trade gap with China. Bloomberg says the U.S. trade shortfall in goods traded with China surged …
USDA Under Secretary Remains Optimistic on Trade Despite Tariffs
While U.S. agriculture braces for possible retaliation against American tariffs on steel and aluminum, a USDA Under Secretary remains optimistic about the future of trade. AgriMarketing Dot Com says the Under Secretary for Trade and Foreign Affairs, Ted McKinney, was in Japan when the tariffs were announced. McKinney told reporters that while talking with Japanese leaders, there was absolutely no …
Farmers for Free Trade Launching $500,000 Ad Campaign on Trade
Farmers for Free Trade is gearing up for a half-million-dollar ad campaign for a new television ad warning against the aggressive trade policies of President Trump. Farmers for Free Trade says those policies make agriculture a prime target against trade retaliation. The ad will highlight Montana grain and oilseed farmer Michelle Erickson-Jones. It’s scheduled to run on Fox and Friends, …
U.S. Will Engage With TPP-11 Countries Regarding Fair Trade
Secretary of State Rex Tillerson says the United States will engage TPP-11 members, emphasizing a need for “fairness” in expanding trade relationships with nations involved in the pact. TPP-11, now known as the Comprehensive and Progressive Trans-Pacific Partnership agreement, or the CPTPP, was signed last week by the 11 remaining nations involved in the agreement. Tillerson made the comments last …
Soy Growers Worried About Possible Trade Disruptions at U.S. Ports
The American Soybean Association and its grower-members are urging labor union and port management representatives to get back to the negotiating table and resume bargaining talks. The ASA is concerned about possible trade disruptions at East Coast and Gulf of Mexico ports, which would negatively impact agricultural and food product exports to key markets. The ASA joined several industry stakeholders …
Business, Farm, Union Groups React to Trump’s Tariffs
Reaction to the tariffs on steel and aluminum imports has been mixed among different sectors of the economy. The Hagstrom Report says Business Roundtable President and CEO Joshua Bolten calls the tariffs a major unforced error by President Trump that will put America’s economic progress at risk. He says, “The tariffs will cause significant harm to industries that rely on …
Mexico, Canada Don’t Want Tariff Exemptions Tied to NAFTA
Mexico and Canada were happy to hear about President’s Trump’s willingness to exclude them from tariffs on steel and aluminum exports to the U.S. However, they expect any talks about a possible permanent exemption to take place outside of the North American Free Trade Agreement negotiations. Politico quotes the Mexican Economy Ministry in a release that says, “The process of …
TPP Leaves U.S. Behind
The 11 remaining Trans-Pacific Partnership (TPP) countries officially left the U.S. behind Thursday, signing an amended agreement that does not include the United States. The 11 nations signed what is now called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership the same day the U.S. moved to a more trade protectionist status, rolling out tariffs for steel and aluminum imports. …
Canada Staying Calm and Constructive Amidst Trade Talks
As President Donald Trump has ratcheted up the conversation on trade, Canada is sticking to it’s “keep-calm” strategy. While the European Union immediately offered a list of targeted U.S. products in response to Trump’s tariff plan for steel and aluminum, Reuters says Canada is trying to stay constructive, and use negotiations for a better outcome. For now, the tariff plan …
Trump Unveils Steel and Aluminum Tariff Plan
President Donald Trump Thursday unveiled his plan to impose 25 percent tariffs on steel imports and ten percent on aluminum. The plan includes provisional exceptions for Canada and Mexico. However, the tariffs could trigger a trade war between the U.S. and the European Union and China, among others. Despite a large pushback by U.S. industry and trading partners, Trump is …