On Wednesday, U.S. farmers got the news they had been fearing for months. China announced plans for retaliatory tariffs against American soybeans, the nation’s No. 2 crop. Farmers from across the Midwest comment.
With the phase one trade deal with China official, farmers are expecting more positive momentum in the markets. However, they shouldn’t expect an extension of the MFP, according to USDA Secretary Sonny Perdue.
President Donald Trump signed off on a so-called phase-one trade deal with China, averting the Dec. 15 introduction of a new wave of U.S. tariffs on about $160 billion of consumer goods from the Asian nation.
The White House announced after the markets closed Thursday that Trump had instructed the Office of the United States Trade Representative to consider whether $100 billion of additional tariffs would be appropriate.