Trade
Speaker Mike Johnson (R-La.), commits to fast-tracking Trump’s legislative agenda by May, which is perhaps the biggest bill in American history. There will be unprecedented spending cuts to help pay for it all, along with newly proposed tariffs on imported goods.
The first trading day of 2025 saw the U.S. dollar hit a two-year high, but the strength of the dollar in 2024 also had a major impact on commodity markets.
As federal policy decisions tend to heavily impact rural industries, the outcome of the 2024 election promises to significantly shape the rural economy in the year ahead. CoBank’s annual report outlines what to expect.
“I know people are concerned about the tariffs, but the fact is, [Trump] looks at tariffs as a way to get their attention and eventually to get better and reciprocal trade agreements,” says Terry Branstad.
Trump said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.
Trump taps Howard Lutnick for Commerce Secretary, signaling tariff-heavy trade strategy. Lutnick has called the tariffs a negotiating tool that could be used to convince other countries to bring down their own levies or to force companies to move production to the U.S.
Threats of widespread tariffs and concerns about retaliation continue to stoke uneasiness in agriculture. With a growing trade deficit and hopes the U.S. could re-embark on the Phase One trade deal with China, could the focus back on trade be positive for agriculture?
It took almost all year, but there is better news price wise for dairy producers.
Financial Times reports say President-elect Donald Trump has asked Robert Lightizer to return as U.S. trade representative.
Trump garnered even stronger support in rural America versus his still robust rural vote in this first administration. That is likely a backlash against the ag policy moves of the Biden/Harris administration that focused on underserved and minority rural citizens.
China braces for continued superpower rivalry regardless of the U.S. election outcome.
As agriculture faces multiple challenges, USDA’s latest net farm income forecast is masking the reality for farmers. While livestock margins have improved for 2024, high input costs and below breakeven prices for row crops means margins could be the worst in nearly 20 years.
Based on a farmer poll and the Ag Economists’ Monthly Monitor, farmers and economists differ on whether Harris or Trump would be better for agriculture, particularly when it comes to trade.
USDA forecasts agricultural exports at $173.5 billion and imports at a record $204 billion for a projected record trade deficit of $30.5 billion.
The dairy industry stands as a backbone of American agriculture, and few have championed its cause as persistently and effectively as Vilsack. Earlier today, he spoke to attendees at World Dairy Expo in Madison, Wis.
Union head vows to stay on strike ‘as long as necessary’ as the first strike since 1977 halts the flow of goods, ranging from bananas to beef, pork and poultry to industrial materials, leading to potential shortages and price hikes.
The group of terminal operators and ocean container lines said their new offer would increase wages by nearly 50%, triple employer contributions to union retirement plans, strengthen health care options, and retain the current language around automation and semi-automation.
Biden administration officials are meeting with the United States Maritime Alliance (USMX) to urge good faith negotiations in the ongoing labor dispute with the International Longshoremen’s Association (ILA).
In response to John Deere’s recent announcement about moving some of its production to Mexico, Trump expressed concern about the impact on American workers, stating, “It’s hurting our country. It’s hurting our workers.”
The effects are already visible, with declining French barley exports to China and the U.S. struggling to sell corn for the new season.
On the heels of the recent debate, we’d like to know which presidential candidate, Democrat Kamala Harris or Republican Donald Trump, you believe will have a more positive impact on agriculture.
Agricultural imports are expected to reach a record $212 billion, up $8 billion from FY 2024. This increase is largely due to rising imports of horticultural products, sugar and tropical products.
In April 2017, Ray Starling, Special Assistant to the President for Ag, Trade and Food Assistance during the Trump administration, received some important news. What happened next helped change the course of history.
“When Ukraine fails, in terms of their ability to produce agricultural products, the world becomes less safe,” says Howard Buffett, global philanthropist and Illinois farmer.
This is the second case the U.S. has filed against Canada over dairy market access.
Under the USMCA, Canada conceded to granting lower tariff access across dairy products. But Canada was allocating a bulk of those imports to processors, limiting the ability of other groups to buy U.S. products.
Direct payment assistance to dairy farmers was announced at 20 cents per hundredweight, with total payments capped at $250,000 per farm operation or legal entity.
According to Pro Farmer’s Jim Wiesemeyer, additional details will be released this week.
John Phipps thinks the balance of trade, especially with single countries, is a poor indicator of economic performance.He explains what grade he gives the current trade policy in this week’s Customer Support.
What are your thoughts on the tariff relief package for agriculture?