NASHVILLE, TENN. (RFD-TV) — Starting today, China is cutting tariffs by 10 percent on some U.S. agricultural products, including soybeans and sorghum. China is also reinstating export licenses for three U.S. soybean exporters and lifting a ban on U.S. logs after corrective measures by the United States. The fate of reciprocal tariffs now sits with the Supreme Court, and traders say uncertainty will continue until a ruling is issued.
With port fees now lifted, economists believe that could help ease tensions. However, American Farm Bureau Federation (AFBF) economist Faith Parum said trade deals with smaller Asian countries are helping stabilize the ag economy.
“Some of these are deals, some of them are more frameworks, but overall, they’re good progress for U.S. agriculture,” Parum explained. “We’re going to see some opening of doors for us, dairy, poultry, rice, pork, and ethanol, and we’re also going to see some reductions of non-trade barriers.”
There is still a great deal of uncertainty in farm country about deals with China.
Analysts warn that China is not always a reliable trade partner. Parnum said this continues to put pressure on producers as they plan for the upcoming crop year.
