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House Ways and Means Committee Chairman Kevin Brady (R-Texas) made remarks on the trajectory of NAFTA 2.0 talks and the US-China trade situation. Meanwhile, Sen. Joni Ernst (R-Iowa) took issue with remarks by President Donald Trump's trade adviser Peter Navarro that sought to play down the impact of new tariffs.
Proposals for the next Common Agricultural Policy have been submitted by the European Commission, while the new US Farm Bill is making its way through the Legislative Branch, meaning it is a significant time for the farming sectors on both sides of the Atlantic.
Day ahead – July 18, 2018: House farm bill action today, Congress may act on Trump tariffs, tariffs effects on US agriculture
The House is scheduled to vote this afternoon to go to conference with the Senate on their respective farm bills. Meanwhile, Sen. Orrin Hatch signaled he may back of legislation to rein in presidential authority on tariffs and the effect of President Donald Trump's new tariffs on US agricultural producers is the topic of a House panel hearing today (July 18).
A wide-ranging trade and cooperation deal that the EU and Japan signed on 17 July will create a free trade zone covering over 600 million people, ending some €1 billion in export duties that European firms currently pay annually, with Europe’s agri-food sector expected to be one of the main winners.
Day ahead – July 17, 2018: Farm bill timing update, Legislative action on Trump’s trade powers, USDA science pick
House action to move to conference on the farm bill with the Senate could arrive Thursday. Meanwhile, legislative action on Trump's trade powers could go forward, House Ways & Means Committee Chairman Kevin Brady told reporters, and Scott Hutchins was nominated to be USDA undersecretary for research, education and economics.
Issues related to the global trade in meat products dominated the agenda at last week’s meeting of the World Trade Organization’s Sanitary and Phytosanitary (SPS) committee – with Brazil, the EU and Russia all clashing over costly import restrictions.
Day ahead – July 16, 2018: Trump calls EU 'foe' on trade, IMF urges Argentina to keep soy export tax in place
President Donald Trump named the European Union as one of the biggest global adversaries for the US in an interview Saturday. Meanwhile, Trump backtracked on earlier criticism of UK Prime Minister Theresa May and the International Monetary Fund (IMF) urged Argentina to keep soy export tax in place.
The next step in the farm bill process is expected to unfold this week as trade policy remains an attention point and could be meshed with testimony this week on US monetary policy and the US economy.
Day ahead – July 13, 2018: House farm bill action next week, Mnuchin on US-China trade tensions, Chinese trade data
The House is expected to vote on a motion to proceed to conference on the farm bill next week, according to House Agriculture Committee Chairman Mike Conaway (R-Texas). Meanwhile, Treasury Secretary Steve Mnuchin told lawmakers he does not think the US is in a trade war with China yet, and China's trade surplus with the US reached a new record high in June.
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