Trade

China announced Feb. 6 that it would cut in half its previously implemented additional tariffs on an estimated $75 billion worth of U.S. imports, following the signing of a Phase One trade deal between two nations. “To ease economic and trade tensions and expand cooperation, the Chinese side decided to adjust related measures accordingly,” according to China’s Ministry of Finance. “It is our hope that both sides will work together toward ultimately removing all additional tariffs.” China’s announcement – to be implemented Feb. 14 – will affect tariffs levied against 1,717 U.S. goods last ... Read More

President Donald Trump on Jan. 29 signed the implementing language for the U.S.-Mexico-Canada Agreement (USMCA) into law, leaving Canadian ratification as the last hurdle for the pact that would reduce nontariff barriers for agricultural goods between the three North American countries. USMCA passed overwhelmingly in the Senate on Jan. 16 by a bipartisan vote of 89-10, following the House’s 385-41 bipartisan vote in December. “The USMCA is the largest, most significant, modern, and balanced trade agreement in history. All of our countries will benefit greatly,” Trump said in an official ... Read More

In his role as the president pro tempore of the Senate, Sen. Chuck Grassley, R-Iowa, signed the United States-Mexico-Canada Agreement (USMCA) in a ceremony on Jan. 22, officially sending the trade legislation to President Donald Trump for his signature. There are reports the president plans to sign the accord at a Jan. 29 White House ceremony. Sens. Joni Ernst, R-Iowa; Pat Roberts, R-Kan.; Rob Portman, R-Ohio; Roy Blunt, R-Mo.; John Hoeven, R-N.D.; Deb Fischer, R-Neb.; and Martha McSally, R-Ariz., joined Grassley as he signed the legislation.  “After three years, we’ve seen some ... Read More

By Max Fisher, Vice President, Economics and Government Relations The U.S.-China economic and trade agreement signed on Jan. 15 at a White House ceremony contains significant specific commitments, time deadlines and enforcement metrics designed to provide more predictable trade between the two countries, as well as commitments by China to purchase at least $80 billion of U.S. food, agricultural and seafood products by the end of calendar year 2021. NGFA Chairman Eric Wilkey, president of Arizona Grain Inc., Casa Grande, Ariz., was among agricultural industry leaders who accepted ... Read More

During a busy trade-focused week, the United States, European Union and Japan agreed to propose reform of the World Trade Organization’s trading rules to curb distortive subsidies. Following a meeting in Washington, trade ministers for the three countries – Japanese Economy, Trade and Industry Minister Kajiyama Hiroshi, U.S. Trade Representative Robert Lighthizer and EU Trade Commissioner Phil Hogan – issued a joint statement that the WTO’s existing trading rules were insufficient to address market distortions resulting from government subsidies. The joint statement was the result of nearly ... Read More

While the Senate Finance Committee easily approved the U.S.-Mexico-Canada Agreement (USMCA) this week, the timing for a final ratification vote on the Senate floor remains unclear. The Senate committee approved the House-passed USMCA implementing legislation (H.R. 5430) by a 25-3 vote. Senate aides have said a full Senate vote on the accord likely will be delayed until after next week, since the legislation was referred to six other committees for review. “I look forward to a vote on the Senate floor, hopefully soon on final passage,” Senate Finance Committee Chairman Chuck Grassley, ... Read More

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, has scheduled a markup of the U.S.-Mexico-Canada Agreement (USMCA) for Jan. 7.  He said he expects the Senate to receive the legislation from the House by then. “This markup will move us closer to ratifying USMCA in early 2020,” Grassley said in a Dec. 20 announcement. “Farmers, manufacturers and all American workers will soon be able to benefit from a stronger and modernized trade agreement with Canada and Mexico.” More than a year after U.S., Canadian and Mexican heads of state announced the trade deal, the House ... Read More

President Donald Trump said this week that he would sign “phase one” of the trade deal with China on Jan. 15 at the White House. In a Dec. 31 tweet, Trump said he would sign the deal with “high level representatives of China” and that “at a later date” he would travel to Beijing, China, to begin talks on a “phase two” accord designed to focus on more structural reforms of the U.S.-Chinese trade relationship. No date for Trump’s trip has been announced. The White House announced the “phase one” trade deal between the United States and China on Dec. 13, but no details have been published. ... Read More