AG Trade Can Mitigate Economic Impacts of Climate Change
Agricultural producers deal firsthand with changing weather conditions, and extreme events such as drought or flooding can impact their productivity and profit. Climate change models project such events will occur more often in the future. But studies of the economic consequences of weather and climate on agriculture typically focus on local impacts only.
A new study from the University of Illinois looks at how changes in weather — including extreme events — may decrease crop profit in one state while increasing profits in other states. The secret ingredient: U.S. interstate trade. It is expected to mitigate the economic impact of climate change by up to $14.5 billion by the middle of the century.
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Uncertainty Remains For Ag Trade Issues
COVID-19 relief legislation took top priority for the Biden Administration’s first two months, but as stimulus programs begin to take effect President Biden and Congress will turn to other issues.
Trade could be a key topic for U.S. agriculture. How will the new administration and a power change in Congress affect trade deals?
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For US Farmers, China Is Back And Bigger Than Ever
China is once again the U.S.’s chief customer for agricultural goods, three years after the start of a bruising trade war that prompted American farmers to try to wean themselves off their biggest market.
Following a cease-fire between the world’s two largest economies last year, U.S. farmers are shipping record volumes of crops and meat across the Pacific. The surging agricultural exports are helping power a turnaround in the U.S. farm economy, lifting commodity prices and profits for agribusinesses, and fueling expectations that farmers will devote more land than ever for some crops.
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China Phase One Deal Under Review
The Biden administration will review all national security measures put in place by former President Donald Trump, including the U.S.-China phase one trade deal signed January 2020, White House Press Secretary Jen Psaki made in comments Friday.
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Farmers for Free Trade Are Hopeful for Change in Trade Policies
Farmers for Free Trade says that it does not expect the administration to immediately lift tariffs but members are hopeful to see a gradual thaw of some of the global relationships over the next couple of years. The group is also advocating for a return of side stepped agreements.
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