Good afternoon! Mike’s Afternoon Reads is a closer look at the hot topics in today’s news, compiled by Farm Futures’ editor Mike Wilson.
Six key issues in the China trade talks – U.S. trade officials arrive in China with lots of optimism ahead of tough trade discussions. Both sides will discuss tariffs, trade deficits, steel, market access, market manipulation, intellectual property, among other topics. How is China responding to Trump’s rhetoric? “…it will stand up to U.S. bullying as necessary…”
China has stopped buying our soybeans – but for how long? Bunge CEO Soren Shroder told Bloomberg, “They’re buying beans in Canada, in Brazil, mostly Brazil, but very deliberately not buying anything from the U.S.” Shroder believes trade tensions had a lot to do with the cancellation of shipments. Bunge has a big presence in South America so the company is well positioned to meet Chinese demand.
Both sides optimistic but wary as trade talks begin - Michael Martina and Tom Daly at Reuters say both sides are putting on their game faces as trade teams arrive in Beijing, President Trump praised his relationship with Chinese president Xi Jinping. Warm fuzzy feelings aside, don’t expect any trade break throughs over the next two days. U.S. officials are hoping to end forced technology transfers and improve China’s intellectual property protections, among other things.
Dangerous waters: The uncertain future of ag trade – While U.S. tariff threat on China, and reciprocal threats against U.S. pork and soybeans got everyone’s attention this spring, it’s time to take a big breath and not panic. Farm Futures outlines 10 points to think about when it comes to selling commodities overseas.
The U.S. may have an edge in these trade talks – According to Keith Bradsher at NYT, China is struggling to find anyone who really ‘gets’ Trump’s aggressive trade talk. Further, their negotiating team has plenty of finance and economic training, but little experience in international trade law, which may give the U.S. an edge. Another bonus: Chinese negotiators describe Treasury secretary Steven Mnuchin as “easy to talk to.”
Ag exports support over 1 million jobs! – Who knew, right? May is world trade month, so of course, USDA secretary Sonny Perdue has all the hot numbers in support of ag trade.
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