Competition with China was front and center at a Senate hearing on the Panama Canal.
The Chair of the Federal Maritime Commission told lawmakers China’s grip has been around for some time.
“It’s a problem that has been going on for 20 years, which makes it very difficult to answer your question. It is a long answer. This is not a problem that occurred last week. This is not something that President Trump identified, this was going on all President Biden’s term, but of all of President Trump’s first term. It has been going on for decades and decades through both U.S. Republicans and Democrats as President. The only thing I can say is I echo was Ranking Member Cantell said, and I think others of both parties have echoed it, that we need some sort of overall maritime strategy. We have to acknowledge that this is part of our national security,” said Daniel B. Maffei.
During the hearing, Texas Senator Ted Cruz emphasized that China’s influence on the Canal is a national security risk. They also discussed shipping fees and ways to minimize the impact on American businesses.
China is making strategic moves by purchasing more soybeans from Argentina and may soon follow the EU and reopen its market to Brazilian chicken exports.
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Farmers should watch for soybean export rebounds with harvest, while corn and wheat shipments remain strong and sorghum demand struggles.
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Rollins says the new trade relationship with Taiwan, which is committed to buying a significant amount of U.S. soy, could not come at a better time for farmers facing financial strain.
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Higher tariffs may shield some U.S. crops but risk retaliation, lost markets, and higher costs for growers. The WTO disputes highlight the fragile balance between trade policy, farm exports, and input supply chains.
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USMEF CEO Dan Halstrom joined us on Monday’s Market Day Report for his analysis on the U.S.-Taiwan trade agreement, which includes big bucks for U.S. Beef.
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Record U.S. sorghum crop faces weak demand as China slashes imports, while corn farmers warn of rising costs, shrinking margins, and global market pressures.
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