U.S., Mexico Reach NAFTA Deal Turn Up Pressure On Canada
Reuters – 8/27/2018
The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact. Auto stocks soared and the S&P 500 and the Nasdaq rallied to record highs on the expectation that Canada would sign onto the deal and ease the economic uncertainty caused by U.S. President Donald Trump’s repeated threats to ditch the 1994 accord. Details of gains and concessions in the deal were only starting to emerge on Monday. Trump threatened he still could put tariffs on Canadian-made cars if Canada did not join its neighbors and warned he expected concessions on Canada’s dairy protections.
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U.S. Blocks WTO Judge Reappointment as Dispute Settlement Crisis Looms
Reuters – 8/27/2018
The United States told the World Trade Organization on Monday it would block the reappointment of one of the WTO’s four remaining appeals judges next month, confirming trade experts’ fears of a crisis in the system for settling global rows. U.S. President Donald Trump has railed against the WTO, calling it a catastrophe and a disaster. He has said the United States loses cases because other countries have most of the judges.
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How Much Will Your Tariff Payment Be?
Ag Professional – 8/27/2018
USDA on Monday announced details of a $12 billion tariff relief package for agriculture that includes direct payments as well as commodity purchases. According to USDA Secretary Sonny Perdue, the initial round of payments, beginning Sept. 4, are limited to 50 percent of production with the administration holding back on the remaining 50 percent for the time being to see if the trade picture improves. Hog and soybean farmers will benefit from the program the most.
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Wheat Growers Appreciate Trump’s Help, But Says Aid Package Fails to Consider All Commodities
Oklahoma Farm Report via NAWG – 8/27/2018
Today, the U.S. Department of Agriculture (USDA) released details of the $12 billion package of aid to farmers hurt by retaliation resulting from the U.S. tariffs on Chinese goods. According to the USDA press announcement, assistance to wheat growers will be 14¢/bushel. NAWG President and Sentinel, OK wheat farmer Jimmie Musick made the following statement: “In public remarks last week, USDA Secretary Perdue stated that the federal aid package for farmers being harmed by our current trade war with China won’t seem like it’s equitable. This was made clear today when the Administration introduced a proposal which poorly reflects the reality that all farmers are being harmed by tariffs.
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President Announces Trade Agreement with Mexico, Kansas Leaders Optimistic
WIBW – 8/27/2018
Kansas leaders are pleased with the President’s announcement of a new trade agreement agreement with Mexico, though some are being cautiously optimistic as they await final wording. For his part, President Trump called it a trade “understanding” with Mexico that could lead to an overhaul of the North American Free Trade Agreement, and also said he wants to get rid of the name “NAFTA.” “They used to call it NAFTA,” Mr. Trump said in the Oval Office. “We’re going to call it the United States-Mexico Trade Agreement. We’ll get rid of the name NAFTA. It has a bad connotation because the United States was treated very very badly for NAFTA.”
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Australian, UK Scientists Solve 30-Year Wheat Rust Genetics Puzzle
EurekAlert – 8/27/2018
Researchers from the University of Sydney, CSIRO, the United Kingdom’s John Innes Centre, Limagrain UK and the National Institute of Agricultural Botany (NIAB) have isolated the first major resistance genes against the detrimental stripe rust disease that is devastating wheat crops worldwide. The discovery by the scientists, who have cloned three related rust resistance genes – called Yr7, Yr5, and YrSP – will enable these important genes to be accurately monitored and integrated into breeding programs in the fight against ever-changing pathogens that could kill about 70 percent or more of whole wheat crops at a time.
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Source: U.S. Wheat Associates