Statewide Iowa – (IARN) — Tuesday morning it was announced that bill of tax credit extensions, or “extenders” was agreed to in Congress. It is a package we have been waiting for a few years as the last credits expired on December 31st, 2017. Senator Grassley updated Ag media on the announcement in his weekly address. Read more
Washington, D.C. — (IARN) — Some Senate Republicans appeared to be unhappy with the final agreement on changes to the U.S.-Mexico-Canada Trade Agreement worked out between the White House and House Democrats. Reports say Republicans appeared to be “grumbling” as they came out of a meeting with U.S. Trade Representative Robert Lighthizer last week. Read more
Statewide Iowa — (IARN) — The United States – Mexico – Canada Agreement (USMCA) has been a topic of discussion for over a year and a half. The past year we have all been asking when it was going to move through the Congress. Now, with House Democrats negotiating a few articles of the trade pact, it seems it could be voted on in the House by Thursday. Many in the agriculture sector are pleased to see it finally move. Read more
Statewide Iowa — (IARN) — There may be good news for the soybean industry, from grower to processor to exporter, as a partial trade deal with China has been reached. Read more
Northwest Iowa — It seems like we’ve had extra moisture around here for a while now. Last spring, the wet planting season meant crops went in the ground late. This fall, those late crops also needed to be harvested late. Is this a cycle that we’ll be stuck in for a while? An expert says the possibility is there. Read more
IABRN — American and Chinese officials today (Friday) confirmed the first phase of a trade agreement.
President Donald Trump stated, “We have agreed to a very large phase one deal with China. They (China) have agreed to many structural changes and massive purchases of agricultural products, energy and manufactured goods, plus more.”
In terms of agriculture, the President believes, “Farmers are going to have to buy much larger tractors because it means a lot of business.” Administration officials expect China to purchase between $40 to $50 billion of United States agricultural products.
“The numbers they have talked about committing to, $40 to $50 billion, would be double what they have imported before. If we can get those kinds of numbers, commitments, then there’s going to be a real bonanza for agriculture going forward,” U.S. Agriculture Secretary Sonny Perdue said.
Today’s announcement comes just days before an additional round of tariffs was to be imposed. United States officials cancelled plans to impose tariffs on $156 billion of Chinese goods and announced their intentions to reduce tariffs on roughly $120 billion of Chinese goods from 15-percent to seven-point-five-percent. A 25-percent tariff rate will remain on roughly $250 billion of Chinese goods.
Phase two negotiations will begin immediately, according to President Trump.
IABRN — It is the news we have been waiting for over a year and a half. A negotiated partial trade deal has been reached between the United States and China. President Trump has been briefed on the deal and has given his approval.
The particulars of the agreement are still coming in at this point. Bloomberg News earlier reported that negotiators from the United States offered to reduce tariffs on roughly $375 billion dollars’ worth of Chinese goods by 50%. They also would suspend the new tariffs on $160 billion in Chinese goods expected to go into effect on Sunday, December 15th. Reports state the Chinese agreed to buy more U.S. Ag products. Amounts are not yet known.
However, the only thing we can confirm as of Thursday afternoon is that the new tariffs are not going to happen.
Back in October we first heard of this deal. President Trump was pushing China to make $50 billion in agricultural products. The Chinese had been reluctant to agree to that. Sources say that the only reason the deal wasn’t done in October is that the Chinese never officially signed off on it. That is why we have been in this boat for the past couple of months.
We will have more on this as it develops in the coming days.
IABRN — United States lawmakers this week pushed forward the U.S.-Mexico-Canada Agreement. It was announced today that the United States may have made progress on yet another trade front. Read more