By Eric Rama, Blaine Nelson and Tom Karmel
International trade took center stage this summer as the current administration instituted tariffs on goods from the EU, China, Canada, and Mexico. The U.S. farm sector has been an easy target for foreign retaliation due to its dependence on export markets. In response to foreign retaliatory tariffs on agricultural commodities, the USDA announced an aid package to help farmers. Recently though, tensions with many of these nations have eased. In late September, Canada, Mexico, and the U.S. reached an agreement to modernize NAFTA, now known as the United States-Mexico-Canada Agreement (USMCA). In addition, trade tensions with the EU have also eased. Despite the progress made, retaliatory tariffs on U.S. Ag products remain in place and the outlook for the dispute with China remains unclear. Much uncertainty surrounds U.S. agriculture but the USDA’s latest outlook for the farm sector points towards continued resiliency.
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