A U.S.-Japan trade deal could come “rapidly,” according to President Trump, who is just back from a trip to Japan.
Trump said he and Japan’s Prime Minister Shinzo Abe will straighten out the imbalance of trade favoring Japan “rapidly,” with an announcement probably in August. That trade deal with Japan would be ‘music’ to the ears of U.S. producers, amid the continuing tariff war with China and six-years of sinking commodity prices and revenue.
President Trump and U.S. Trade Representative’s office aims to recoup farm tariff cuts, lost when the Trump Administration withdrew from the Trans-Pacific Partnership deal.
When asked of trade talks with China, President Trump said the U.S. is not ready to make a deal with China.
“So as far as China is concerned, they want to make a deal,” said Trump. “I think they probably wished they made the deal that they had on the table before they tried to renegotiate it. They would like to make a deal, we’re not ready to make a deal and we’re taking in tens of billions of dollars in tariffs. And that number could go up very substantially, very easily. But I think sometime in the future, China and the United States will absolutely have a great trade deal.”
Last week the Administration announced a $16 billion trade-aid package for U.S. Farmers and ranchers impacted by the ongoing trade war. Money for the aid will come the tariffs on Chinese goods.
The U.S. Department of Agriculture’s progress report is out after being delayed for the Memorial Day holiday.
74 percent of the winter wheat crop was rated good to excellent compared to the 5 year average of 60 percent. Barley planted progress was at 84 percent complete by week’s end, slightly behind last year at 88 percent. Barley emerged was estimated at 52 percent, aligning with the previous year. Spring wheat planting progressing with 83 percent planted behind the 5-year average of 91 percent. Sugar Beets are pretty much wrapped up with 97 percent of the crop in the ground.
Wet weather in Indiana, Ohio and South Dakota has caused farmers to plant less than 30 percent of their respective corn crops. Meanwhile, just 29 percent of the nation’s soybean crop is planted, compared to the five-year average of 66 percent.
A federal judge has ordered Anheuser-Busch to stop using advertisements that portray corn syrup negatively and suggest MillerCoors products contain corn syrup.
The saga started with a Super Bowl commercial, drawing criticism from farmers and the National Corn Growers Association. MillerCoors sued Anheuser Busch in March, saying the company spent near $30 million on “a “false and misleading” campaign. The ad showed a medieval caravan pushing a huge barrel of corn syrup to castles for MillerCoors to make Miller Lite and Coors Light.
MillerCoors says corn syrup is used in the brewing process, but not in the final product available to consumers. The judge’s ruling states Anheuser-Busch cannot use ads that describe Bud Light as containing “100 percent less corn syrup” than Miller Lite and Coors Light. However, other ads, including the Super Bowl commercial, were not banned.
Anheuser-Busch says it was “pleased” with the ruling, and one of the ads were aired during game one the NHL Stanley Cup Final on Monday.
-Reported by Lane Nordlund/MTN News
