WASHINGTON, D.C. (RFD News) — The American Farm Bureau Federation (AFBF) continues to monitor the latest trade developments involving China and what they could mean for U.S. agriculture moving forward.
AFBF economist Dr. Faith Parum joined us on Thursday’s Market Day Report to discuss the newest details emerging from the agreement and some of the biggest takeaways for agricultural trade.
In her conversation with RFD News, Parum discussed the creation of a new Board of Trade designed to identify goods eligible for tariff reductions or elimination and what that could mean for future U.S.-China agricultural trade.
“This agreement creates two boards, one that’s of interest to Ag is this Board of Trade,” Parum told RFD News. “The countries will get together, and they’ll be partners on each side that can identify tariffs that can be reduced.”
Parum says agriculture will ultimately need to see the changes fully implemented and U.S. ag products actively moving into China before the industry can fully measure the agreement’s impact.
A recent study by North Dakota State University found that U.S. agricultural exporters lost approximately $15 billion in revenue due to retaliatory tariffs imposed by China — among all ag products, soybeans led those losses.
