President Trump made a major announcement late yesterday on trade with Brazil. He is threatening 50 percent tariffs on all imports. While his message was largely around political events there, he warned that the trade imbalance has gone on long enough.
President Trump told Brazil’s president that new tariffs rates will begin August 1st. He is also calling on U.S. Trade Representative Jamieson Greer to open an investigation into unfair trade practices.
Brazil is a major trading partner, and some worry that the President’s trade policy might cause retaliation. However, Greer argues that tariffs give the U.S. the upper hand.
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Trade estimates point to only modest changes in U.S. grain ending stocks ahead of USDA’s June 11 WASDE report.
USDA raised exports by $2.5 billion from February, while imports are forecast at $205.5 billion. The resulting $29 billion agricultural trade deficit remains a reminder that higher shipments alone do not resolve trade pressure.
The U.S. Meat Export Federation says the agreement could be used to improve market access for American beef and pork producers in Africa.
