President Biden has set out a sweeping trade agenda designed to restore the U.S. economy, U.S. leadership and U.S. partnerships. A legacy of unilateral action and global tariffs, however, will take time to moderate and require due consideration of the global economic reality, as well as a political balancing act. View the Biden Administration’s full trade agenda. This article discusses what you need to consider right now.

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.

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.