The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to:
Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet again for another review in six years. If the USMCA members do not agree to extend it for another 16 years, the members will then review the agreement annually.
Given the Trump Administration’s aggressive trade policy, we should not expect the review to be a routine assessment. Instead, the July review will likely become a renegotiation of several important trade issues. Furthermore, Trump has on several occasions indicated that withdrawal from th...
What You Need to Know Today: Grain markets were sharply higher overnight and through the day session as the concerning wet weather pattern persists over the Midwest. Grain traders – and soybean market players in particular – will be closely parsing both what is said and unsaid from...
Key Takeaways: Higher interest rates increase the cost of financing agricultural production, reducing farm margins without providing any corresponding increase in production or revenue. The financial impact of higher rates varies considerably by operation, with highly leveraged producers and t...
Last week, the Senate Ag Committee passed the farm bill on a party-line vote upon the return of Senators Mitch McConnell (R-Kentucky) and Tommy Tuberville (R-Alabama), who missed the vote on 6 August (see WPI coverage here) when it failed by a similar party-line vote, 10-11. Democrats held the...
