Transatlantic Policy Revolutions USTR Katherine Tai evangelizes the Biden Administration’s worker-centric trade policy by emphasizing that change is hard. What makes it more difficult is that its emphasis on workers (read higher paid union workers) over consumers (e.g. everyone else) is contrarian politics. This is especially true in an inflationary environment since emphasizing higher pay only feeds the beast. A Politico article today characterized Tai as the point of the spear on this policy shift, but her position was reinforced by Deputy National Security Adviser Mike Pyle who acknowledged that trade is not central to Bidenomics. While the Biden Administration tries to wean consumers off cheap goods, EU leaders are determi...
Communicating importance of value-added products
Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...