U.S. Trade Representative Jamieson Greer has years of trade experience under his belt. He says the goal is to make trade fair again and blames tariff and non-tariff barriers.
“We only charge a 2.5 percent tariff on ethanol, but Brazil charges us an 18 percent tariff. The result: we have a large trade deficit in ethanol with Brazil. Our average tariff on agricultural goods is five percent, but India’s average tariff is 39 percent. Last year, I think we imported about three billion dollars’ worth of Australian beef, and we exported zero dollars of American beef to Australia.”
Ag Secretary Brooke Rollins has said the ag trade deficit will soar to nearly $50 billion this year.
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Farmers await concrete trade commitments from China. Until then, export prospects for soybeans, corn, and sorghum remain uncertain against strong South American competition.
National Sorghum Producers CEO Tim Lust said farmers face a challenging year with strong supply, murky trade conditions, and uncertain access to their largest market: China.
U.S. trade talks with China resume, but meat industry leaders say dealing with shifting demand and market uncertainty is nothing new in this side of the ag sector.
Tariffs are pushing up input costs, with fertilizer prices rising $100 per ton and machinery costs climbing due to steel and parts duties.
American Soybean Association President Caleb Ragland joins us to share his reaction to September’s WASDE and discuss the trade uncertainty between China and his industry.
Harvested acres are estimated at 90.0 million, making this year’s corn crop one of the largest since the 1930s.
