01.10.2022

US soybean producers lose $ 6 billion

US farmers are preparing to harvest the first crop of the effects of “restoring trade justice.” 300 thousand producers from 30 states will suffer losses due to the fall in soybean prices, which is due to the trade confrontation between Washington and Beijing.

In response to the Trump administration imposing $ 50 billion in duties on Chinese goods, the PRC has also raised import tariffs for a number of goods. Including soybeans.

According to Fox News, soybean producers are already feeling the return. Prices for their products are declining. And before the harvest there was only a month left. According to the forecast of the American Soybean Association (ASA), representing the interests of 300 thousand farmers, in 2018, producers will make $ 6 billion less for beans than in the 17th. According to experts, in total, the agricultural industry may lose about $ 14 billion.

“If I sell the crop at the current price, I’ll get about $ 150 thousand less. While I usually make about $ 700 thousand for it,” American farmer Danny Murphy quotes Fox News, “I’ll retire soon, and you’ll take from my retirement plan $ 150 thousand. Yes, this is a significant success. ”

The United States exports about a third of the country’s soybeans. According to the ASA, 60% of imports purchased in 17 by China came from the United States. At the same time, the PRC has already announced that it plans to increase its own production of beans. Local farmers will receive additional subsidies from the state.

Media: EU sanctions will be extended for six months

EU leaders during the summit in Brussels decided to extend the economic sanctions against Russia for six months.

“There was a short discussion on the topic of Russia, Ukraine, the Minsk agreements, its result was the approval of the extension of sanctions for another six months,” the source quoted the media as saying from the EU Council.

The possible extension of restrictive measures was previously announced by the Prime Minister of Poland Mateusz Moravecki.

At the same time, Italy opposed the automatic extension of anti-Russian sanctions. “Nothing should happen automatically with regard to sanctions against Russia. We must be careful. Sanctions are a means, not an end, ”said Giuseppe, Chairman of the Italian Council of Ministers.

On June 27, during a meeting on international trade, Russian Prime Minister Dmitry Medvedev announced that Russia would extend the restrictive retaliatory measures against the United States and EU countries by 2019 and also take retaliatory measures against US duties on steel and aluminum .

Media: Trump offered Macron a deal for leaving the EU

Donald Trump offered Emmanuel Macron a profitable bilateral trade deal in return for France’s withdrawal from the EU, according to The Washington Post.

With reference to European officials, the publication reports that during a private conversation held at the White House on April 24, the US president discussed trade issues with the French leader. At one point, Trump asked Macron: “Why don’t you leave the EU?” In exchange, he allegedly offered his French counterpart a trade deal on more favorable terms than with the European Union as a whole.

At the same time, according to the Axios portal, during the same conversation, the US president said that the EU in the field of trade is “worse than China”. In March 2018, the United States imposed duties on imports of steel and aluminum at 25% and 10% for all countries that supply these products to the United States. In response, EU states agreed to set import duties at 25% on US goods totaling 2.8 billion euros.

Media: ECB warned EU about underestimation of trade risks

European Central Bank President Mario Draghi has warned European Union officials that the consequences of a trade war with the United States could be more serious than expected.

This was reported with reference to the comments of the head of the ECB by Bloomberg. As noted, during the EU summit in Brussels, Draghi told the heads of government that the aggravation of tension between the EU and the United States could lead to negative consequences both in terms of worsening the business climate and in the form of a negative impact on the production chains of various companies.

According to an unnamed agency source, Mario Draghi also noted that the uncertainty and decline in business confidence due to the deterioration of trade relations already have a noticeable negative effect on private investment in the EU.

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