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In 2012, Tim Cook announced Apple would make a Mac computer in the US.

But when Apple began making the $3000 computer in Texas, it struggled to find enough screws. By the time the computer was ready for mass production, Apple had ordered screws from China nyti.ms/2HBT2QK
Apple CEO Tim Cook: “The skill here is just incredible. In the US, you could have a meeting of tooling engineers and I’m not sure we could fill the room. In China, you could fill multiple football fields.” (h/t @scottlincicome)
"Caterpillar said costs tied to new US tariffs on foreign goods, including steel and aluminum, were just above $100 million over the 5 months of 2018 that they were in effect.

The company expects more than $200 million in tariff-related costs this year." wsj.com/articles/cater…
"US tariffs reduce US economic activity primarily by reducing the purchasing power of US consumers' income as a result of higher prices and by making capital goods more expensive."

Shorter: tariffs are taxes.

US tariffs will slow GDP growth: CBO afr.com/news/economy/t…
"The new deal implies business as usual and that car exports should continue to be an important component of trade between US and Mexico."

Mexico posted record-high trade surplus in December even after #NAFTA revision
bloom.bg/2DErnLd
Destroying an iconic American company to own the libs.

Harley-Davidson profit is wiped out by Trump’s tariffs; earnings per share miss estimates by widest margin since 2009 (1 day after Caterpillar reported its worst EPS miss since 2008) bloomberg.com/news/articles/…
"What we have done is create a long-term competitor, and introduced them to China to take our own place. That’s not going to disappear."

The trade war between the US, the world's top cotton exporter, and top buyer China has seen Brazil emerge as a winner
bloom.bg/2DHGjIA
Why Trump’s tariffs didn’t create more steel jobs: excess capacity and technology.

Since 1990
–number of employees at iron & steel mills has plummeted 53%
–U.S. steel production dropped only 2.2% bloom.bg/2DHtyNR
EU to lift its import bans on Japanese egg and dairy products, to coincide with the free trade deal that goes into effect on Friday asia.nikkei.com/Politics/Inter…
House and Senate lawmakers introduce bipartisan legislation to curtail Trump's power to impose tariffs reuters.com/article/us-usa…
"The imposition of these taxes, under the false pretense of national security, is weakening our economy, threatening American jobs, and eroding our credibility with other nations": Senate co-sponsor @SenToomey
"An economist at the American Farm Bureau noted that in a normal year the United States exports about 35 million tons of soybeans to China, so the 5 million ton purchase is not as robust a gesture as Trump suggested."
From Canada and Mexico to the EU to China to Japan, "Every country with which the Trump administration is seeking, starting, or finishing a trade agreement was already at the table when Trump took office": @philipilevy forbes.com/sites/phillevy…
The world's biggest free trade agreement, covering nearly 1/3 of global GDP and 635 million people, comes into effect between the EU and Japan
p.dw.com/p/3CXy5?tw
Under the #EUJapan free trade agreement, European exporters alone will save about €1 billion ($1.15 billion) in tariffs a year.

“Cars for cheese": EU and Japan hail deal heralding ‘future of open and fair trade’ ft.com/content/a72d46…
"Brazil exports to China increased 35% in 2018 from the previous year, as China increased its soy imports amid a trade war with the United States."

Brazil to restart high-level talks with China, could boost farm trade reuters.com/article/us-bra…
Angela Merkel is heading to Japan for a two-day trip to forge an "alliance of multilateralists" to resist Trump's "America First" approach to trade and China's pursuit of narrow national interests reuters.com/article/us-ger…
"More than anything, our agreement shows that trade is about more than quotas and tariffs, or millions and billions. It is about values, principles and fairness": @JunckerEU

Instant cost savings as mega #EUJapan trade deal takes effect str.sg/obSh
“Tariffs on the ‘dumping’ of Steel in the US have totally revived our Steel Industry,” Trump tweeted last week.

Yet since he announced his 25% tariffs, iron & steel mills have LOST 100 jobs & steel stocks lagged the S&P 500 by nearly 20 percentage points
wsj.com/articles/steel…
"European companies are likely to capture $70 billion in trade that has traditionally passed between the world’s 2 largest economies."

UNCTAD study: the big winner from the US-China trade war will be the EU
sc.mp/cx7i5
“Both sides put their cards on the table, but they seem to be playing different games."

The great trans-Atlantic trade charade: talks between the US and the EU seem to be doomed before they even start politi.co/2SsaNGB
Tariff dollars collected from American companies (and therefore consumers).

Redistribution of income. Kind of like ... socialism.
“We thought 2019 would be the year things turned around ... Then the trade dispute happened."

Throughout much of the Midwest, farmers are filing for Chapter 12 bankruptcy protection at levels not seen for at least a decade
Plunging agricultural exports have driven average farm income to near 15-year lows, and farm bankruptcies are soaring in some parts of the country.

Now farmers are converging on Washington to demand an end to the trade war politi.co/2SCksdw
Top American business figures are pushing U.S. and Chinese officials to compromise on a trade deal, warning of the economic and market consequences of a failure  on.wsj.com/2DgcwoS
“My Chinese sources seem remarkably confident that without any concessions, the Trump administration will drop its tariffs or grant them an extension of many more months [to continue talks]": China hawk Michael Pillsbury
Gary, Indiana – one of the poorest cities in the US – offered US Steel $47 million in tax breaks for its modernization of Gary Works.

City and company officials now concede the incentives will help finance a project that will likely result in job losses
reuters.com/article/us-ste…
WSJ: trade talks between the US and China are so far apart that neither side has put anything in writing yet

Kudlow: "pretty sizable distance to go" before US and China reach a deal

Trump will not meet with Xi before the March 1 deadline for new tariffs cnbc.com/id/105728023
Exempted from US tariffs:
40% of Chinese steel imports
86% of Chinese aluminum imports

2% of Canadian steel imports
<1% of Canadian aluminum shipments

US steel tariff 'boondoggle' offers more exclusions to China than Canada (h/t @tradelawyer v @sdonnan) cbc.ca/news/politics/…
"Trump's tariff on imports from China was supposed to erase the price advantage enjoyed by Russian fish. But instead of fixing the problem, he made things worse for Alaskan fishermen."

How Trump's trade war kept Russian fish sticks in US school lunchrooms cnn.com/2019/02/07/pol…
Only one month after the #TPP took effect, its impact is already visible: Japanese beef imports from TPP member states increased 55% in January yoy, with Canada the big winner.

Next round of tariff cuts: April 1 (h/t @JGodiasMurphy) the-japan-news.com/news/article/0…
Apparently that piece of chocolate cake wasn't so beautiful after all.

US and China wrangle over summit venue as trade talks resume: Trump wants Mar-a-Lago, while Xi prefers the southern Chinese island of Hainan s.nikkei.com/2E4F4TV
"Tariff cuts on imports of chilled beef have given Australian, Canadian and New Zealand exporters an 11 percentage point advantage over US producers in the Japanese market."

Canadian beef producers enjoy #TPP trade boost in Japan
on.ft.com/2E333Td
"China is the top market for Brazilian cotton, and a 25% tariff on U.S. cotton creates expectation that continued trade disruption between the U.S. and China will be to Brazil's advantage." (h/t @FarmPolicy)
"Trump's tariffs on China were part of an effort to bring jobs back to America, but those jobs are heading to countries like Vietnam instead...

Vietnam is receiving what you might call trade war refugees who are taking their business out of the war zone." npr.org/2019/02/12/693…
Before Trump's tariffs:
American whiskey exports surged 28% during the first half of 2018 year over year

After Trump’s tariffs:
American whiskey exports dropped 8.2% between July and November yoy

Trump’s trade war leaves American whiskey on the rocks nyti.ms/2E5scg4
“Once that market is gone, it’s hard to get back into it. We presently are treading water.”

“We’re caught in the middle of trade disputes which have to do with the steel industry, which have nothing to do with us." (h/t @scottlincicome via @sdonnan)
“I look at tariffs as a cost to the consumer. I don’t understand how anybody with economic advisers around him is so uninformed” about the effects of this plan, he says of Trump." 🎯

Car dealers brace for auto tariffs, may lose up to $67 billion bloomberg.com/news/articles/…
China's January trade data comes in much stronger than expected:
• exports jumped 9.1% from a year ago (expected: 3.2% drop)
• global trade surplus of $39.2 billion (expected: $33.5 bil)
• exports to US fell 2.4% yoy
• imports from US plummeted 41.2% cnbc.com/2019/02/14/chi…
Fearing Trump's tariffs will become permanent, some retailers have begun switching their orders from Chinese factories to suppliers in other Asian countries.

“This is going to be a fact of life for the next 10 or 20 years. Once you go, you don’t go back.”
washingtonpost.com/business/econo…
"Before the tariffs, Bumble Bee planned to shift work on some tuna products from a site in SE Asia to California.

“We wanted to bring it home. We were looking to build out jobs ... Even at 10%, there’s no investment we’d be able to make domestically.”
"Tariffs forced Linton Crystal Technologies (NY) to halt plans to invest in a new building and hire more workers, instead moving its R&D work to China.

The shift means that future job-creating innovations will sprout in Dalian, rather than in Rochester."
US-China trade war having ‘no effect’ on China steel:
• Chinese steel producers are enjoying more exemptions from tariffs than those from Canada, South Korea, Spain and the UK
• China's steel production surged in 2018 to almost 50% the world total sc.mp/7hlzuq
Little progress on second day of US-China trade talks, increasing pressure on Trump to delay a scheduled tariff hike on March 2 to facilitate a possible make-or-break summit with Xi Jinping on.ft.com/2DI7QIl
"China believes a Trump-Xi meeting offers the best hope of reaching a deal that promises large purchases of US exports but avoids difficult structural reforms – an outcome similar to the vague pledges Trump accepted from Kim Jong-un at their 2018 summit."
"Concerns over tariffs and trade policies have caused farmers to become more cautious about making major purchases.”

Trade war hits first-quarter earnings at tractor manufacturer Deere
on.ft.com/2DIHoP2
USDA: US soybean exports won’t return to their pre-trade war peak levels until the 2026-2027 season as competitors in South America 🇧🇷 🇦🇷 gain global market share.

Soy futures at the Chicago Merc are down about 12% in the past year (h/t @scottlincicome) bloomberg.com/news/articles/…
The main outcome of a week of negotiations between the US and China: they agreed to keep talking.

Side-by-side comparison of the American and Chinese statements on their trade talks bloomberg.com/news/articles/…
"Merkel mocked the idea that German cars could be considered a “national security threat” by the US, as American trade officials have asserted, pointing out that BMW’s largest plant was now not in Bavaria but in South Carolina." #MSC2019
nyti.ms/2EdCg6R
“No one any longer believes that Trump cares about the views or interests of the allies. It’s broken.”

“If an alliance becomes unilateral and transactional, then it’s no longer an alliance.”

#MSC2019 exposed the severe (possibly permanent) US-Europe rift nyti.ms/2Ef8Ght
China is the world’s largest consumer and importer of soybeans, but has become less dependent on the US, and its appetite for soybeans is now waning – with huge implications for America’s top farm export #trade
wsj.com/articles/from-…
China soybean imports in 2018
• US: down 49% from 2017; lowest level since 2008
• Brazil: up 30%, accounting for 75% of China's total imports
(h/t @RtrsAgAnalyst)
"Chapter 12 [farm] bankruptcies surged last year as the country paid the price for overproduction at a time when a rejuvenated Russia supplanted US as the world’s leading wheat exporter."

Russia feeds off Trump trade war while US corn-belt farmers suffer telegraph.co.uk/business/2019/…
Today is the deadline for the Commerce Department to send the White House its report recommending whether Trump should use a "national security" law (Section 232) to impose tariffs on imports of cars and car parts axios.com/trump-trade-wa…
"White House plans to keep the contents of the report a secret, as is their prerogative under the law. 

"They don't want to make it public so that Trump can keep it in his back pocket as a threat (no matter what it says about cars and national security)."
Merkel's spokesman: "From what we’ve heard, [the Commerce Department report] does conclude that European car imports constitute a threat to US national security.”

EU threatens swift retaliation if US imposes punitive car tariffs on.ft.com/2DViDPw
"What's unique about this is the whole industry is united in opposition to these [Sec] 232 tariffs ... Nobody asked for this, nobody wants this and it would hurt the entire industry and economy." 

Michigan car dealers worry about tariffs on imported cars detroitnews.com/story/business…
"Secrecy around the report only increases the uncertainty and concern across the industry created by the threat of tariffs."

U.S. auto industry lines up against tariffs on imported cars and auto parts
reuters.com/article/us-usa…
"Foreign markets for US dairy products have shrunk in response to Trump's steel & aluminum tariffs. Cheese shipments to China have fallen almost 65%, & exports to Mexico are down over 10%."

Dairy farmers are in crisis — & it could change Wisconsin forever jsonline.com/in-depth/news/…
“He cleverly avoids having solo meetings to foster consensus,” Michael Pillsbury said of the special envoy Liu He. “The Chinese meet only as a team and he’s brought all the institutional interests with him.”

US bets on China’s special envoy in trade talks
wsj.com/articles/u-s-b…
Republican governor of South Dakota: Trump's trade wars have 'devastated' the state politi.co/2Iw6mH5
We borrowed $7.7 billion to bail out the farmers from the trade war, and the Agriculture Secretary claims victory because China might buy 40% of the soybeans they bought before. #winning
USDA chief economist: 27.5 million tons of US soybeans are expected to go unsold this year as a direct result of the US-China trade war, on top of the $7.9 billion that farmers lost in 2018 businessinsider.com/trump-china-tr…
USDA: Trump trade war expected to cause $1.9 billion drop in American farm exports for 2019, as soybean exports to China have fallen over 90% through this month reut.rs/2tx9SGM
Canada may not ratify the new #NAFTA trade deal if steel and aluminum tariffs are not lifted: Transport Minister #USMCA ctvnews.ca/canada/tariffs…
Top Chinese official laughs out loud as an exasperated US Trade Representative Lighthizer tries to explain the meaning of a “memorandum of understanding" to Trump
bloom.bg/2SWt0gj
Trump delayed his own deadline to increase tariffs on $200 billion of Chinese imports, citing progress in trade talks.

But in a sign of how fluid the negotiations remain, the two sides did not sign an official agreement nyti.ms/2NqswJA
"Trump said negotiators had made “substantial progress” [in trade talks]. But administration officials have provided no details, & business leaders who have been briefed on the talks say a yawning gap still separates the 2 sides." washingtonpost.com/world/asia_pac…
January survey: a growing share of companies, led by manufacturers, have cut spending in response to tariff and trade concerns, with 52% either postponing or dropping spending plans (h/t @willmauldin
via @sdonnan) wsj.com/articles/tarif…
"Strong consumer spending drove imports higher as trade tensions and weaker global growth hit exports."

Almost as if prosperity leads to a higher trade deficit, and attacking our trading partners also hurts us.

US trade deficit in goods rose 10% in 2018 wsj.com/articles/u-s-t…
So much for the "special relationship."

US takes tough line with UK on post-#Brexit trade talks: demands greater agricultural access & the removal of “unwarranted barriers” related to sanitary & physiosanitary standards (i.e., chlorinated chicken) ft.com/content/09bfe7…
Britain's hopes of a trade deal with the US suffer a big blow: US seeks "comprehensive access" for agricultural exports and pharmaceutical companies, and a veto over UK trade deals with China #Brexit cnn.com/2019/03/01/bus…
"In another late Friday tweet on Feb. 22, Agriculture Secretary Perdue said more soybean purchases from China were coming. But while Chinese buyers were said to be in the US market on March 1 asking for offers, traders said no deals have been done." bloomberg.com/news/articles/…
US and China close to concluding a trade deal:
– China to lower tariffs on American farm, auto and other goods
–China buys more US products, including $18 billion in LNG
–US lifts most tariffs imposed on China last year
–dispute resolution mechanism
on.wsj.com/2TtVYUu
Trump admin close to a trade deal with China that would roll back tariffs on both sides, but would not address China's cybertheft, subsidies, tight restrictions on data or discrimination against foreign companies
nytimes.com/2019/03/03/bus…
China's proposed foreign investment law
–allows national govt regulators to require foreign companies to transfer technology to Chinese firms
–allows officials to share info from reporting system with Chinese competitors
–complaints heard in Chinese courts nytimes.com/2019/03/04/bus…
"Imports account for more than 60% of US consumption of titanium sponge and only 1 facility in the US can process ore into the sponge material used in manufacturing."

US launches Section 232 probe into titanium imports, in a case that could end in tariffs wsj.com/articles/u-s-p…
A 2017 ITC investigation found that US producers weren’t harmed by imports of titanium sponge, and denied Titanium Metals Corp's request for tariffs.

Having failed on anti-dumping and anti-subsidy grounds, Timet is now trying the national security angle
Trump plans to end India's preferential trade status under the GSP, citing the country's high tariffs timesofindia.indiatimes.com/business/india…
Two new papers (NY Fed/Princeton/Columbia & World Bank/Berkeley/UCLA) separately find:
– Trump’s tariffs are costing the US economy tens of billions of dollars (as much as $68.8 billion)
– American consumers and companies are paying almost all of the cost
bloomberg.com/news/articles/…
"The main victims of Trump’s trade wars have been farmers and blue-collar workers in areas that supported Trump in the 2016 election."

Note that the $7.7 billion farm bailout is not included in either study's calculation of the trade war's costs.
US registers the largest trade deficit in goods in its history, growing by 10% to $891.25 billion in 2018.

The monthly trade deficit in December was the largest since 2008, growing 19% from the previous month on.wsj.com/2TzLfrE
US trade deficit ballooned to a 10-year high of $59.8 billion in December, well ahead of expectations, as imports continue to rise while American exports drop cnbc.com/amp/2019/03/06…
US trade deficit with China rose to a record $419 billion in 2018, despite Trump imposing steep tariffs on Chinese goods nyti.ms/2TzXX9H
"Trump views the trade deficit as a scorecard for America’s trading relationships, pointing to deficits with trading partners like China and the EU as evidence that America is on the losing end."

Another failing grade for #SummaCumLiar.
"Tariffs will cost the company an estimated $125 million annually and will impact 7 months out of the current fiscal year."

Whiskey tariffs drag on sales for Jack Daniel’s maker Brown-Forman on.ft.com/2EJwTvs
US merchandise trade deficit soared to a record $891 billion in 2018.

China accounted for nearly half that total, increasing $43.6 billion to $419.2 billion ft.com/content/93faa9…
"Trump admin officials insist that any deal must address the agricultural trade barriers.

European officials counter that agriculture was never on the table — not last July, and not now."

You know what trade deal included agriculture?

TTIP. nytimes.com/2019/03/06/us/…
"Trump admin officials insist that any deal must address the agricultural trade barriers.

European officials counter that agriculture was never on the table — not last July, and not now."

You know what US-EU trade deal included agriculture?

TTIP. nytimes.com/2019/03/06/us/…
Fed Beige Book survey: Manufacturers "conveyed concerns about weakening global demand, higher costs due to tariffs and ongoing trade policy uncertainty." reuters.com/article/us-usa…
A Trump-Xi summit has been pushed back from the end of March, as both sides try to avoid an embarrassing failure.

Trump’s decision to bolt the North Korea summit “just totally spooked” China: “They want a signing ceremony, they don’t want a negotiation” ft.com/content/736283…
U.S.-China trade talks face a new roadblock, as Trump’s failed summit with North Korea stokes concern in Beijing over committing to a presidential summit before the two countries have a firm deal in hand on.wsj.com/2TC0JLB
"Chinese leaders were taken aback by Trump’s failed meeting with Kim Jong Un.

Trump’s decision to walk away sparked concern that Xi Jinping could be pressured with take-it-or-leave-it demands at a potential summit at Mar-a-Lago this month."
In #TPP's first month, Japan's beef imports from Australia, Canada, New Zealand and Mexico surged 56% (Jan 2019 v. Jan 2018).

National Cattlemen’s Beef Association wants either US re-entry into TPP or bilateral trade deal with Japan #CPTPP wnax.com/news/180081-nc…
"There is a very clear disconnect between Trump’s priorities and the economic realities facing family farmers, ranchers, and rural communities“: National Farmers Union @NFUDC

Trump budget proposal slashes USDA funding by 15%, including safety net cuts on.wsj.com/2EQbPmU
"The budget also proposes steep cuts to SNAP – nearly $220 billion over a decade – and revives a widely-panned plan the Trump admin floated last year to shift some food-stamp dollars from benefit cards to a food-box-delivery program."
“The entire incidence of the tariffs fell on domestic consumers and importers, with no impact so far on the prices received by foreign exporters.”

Trump's tariffs cost American consumers an added $69 billion last year #tariffsaretaxes wsj.com/articles/u-s-c…
Trump’s trade chief Lighthizer warns negotiations to end the tariff war with China are at risk of failing: “major, major issues” need to be resolved before an agreement is reached, says he cannot “predict success at this point”
on.ft.com/2EXYYz1
"Among the major sticking points is a US demand for strict enforcement provisions to ensure that China lives up to its commitments in the deal, including the right to impose new tariffs unilaterally if the US judges that China has violated the pact."
Tariff engineering: "Ford imported passenger vans, then removed a row of seats & sold the vehicles as cargo vans. Ford thereby paid a 2.5% tariff b/c the vans were classified at the border as passenger vehicles, rather than the 25% tariff on light trucks." bloomberg.com/news/articles/…
“Entering trade negotiations with the US at this time would mean joining Trump in the new global game of bullying-thy-neighbour.” 

European Parliament votes down a resolution to endorse opening trade talks between the EU and US, 223–198 independent.co.uk/news/world/eur…
USTR Lighthizer says US–EU trade talks have reached a "complete stalemate": "The United States can't have a trade agreement with Europe that doesn't deal with agriculture, and their view is that they can't have one that does." edition.cnn.com/2019/03/12/pol…
"The draft shows Italy is in advanced talks with China and resisting pressure from US & EU to drop those discussions amid rising concerns over Beijing’s ambitions and potential security threat."

Italy eyes loans from China’s development bank for projects
ft.com/content/29f481…
“It keeps me up at night. There are people who say, ‘Send them all back and build a wall.’ But they would be facing empty shelves in the grocery store if that were to happen."

Trump crackdown scares immigrants, and farmers who need them nytimes.com/2019/03/18/nyr…
Trump's policies on immigration, trade and climate change are crushing his own base.

"Farmers are struggling with a shrinking labor pool as fewer migrants cross illegally .. The labor shortage has been compounded by Trump’s trade war and extreme weather."
"While Chinese negotiators have agreed to changes to their intellectual property policies, they haven’t received assurances from the Trump admin that tariffs imposed on their exports would be lifted."

Some US officials see China walking back trade pledges bloomberg.com/news/articles/…
Apparently Trump is ok with American car companies moving production to another country, as long as it's governed by a fascist.

GM to invest $2.7 billion in Brazil to build “several new products” over the next 5 years, maintain 15,000 jobs autonews.com/manufacturing/…
"Although the existence of the report was previously known, the administration has kept its findings hidden — including from a powerful Republican senator who has demanded to see it — and its conclusion had not been previously reported."
"Trump’s senior economic advisers are almost universally opposed to slapping new tariffs on auto imports, warning of dire economic and political consequences.

They argue that the tariffs would infuriate close U.S. allies from Asia to Western Europe."
Trump says China tariffs could stay on for a long period.

He also told reporters tariffs on Chinese goods will not be lifted when a deal between the two countries is struck, but rather when China complies with the terms of that deal cnbc.com/amp/2019/03/20…
"The amount of soybeans sitting in storage in December hit a record high of 3.7 billion bushels, equivalent to about 80% of the total US harvest last year."

Soybean farmers are still paying for Trump's trade war cnn.com/2019/03/20/pol…
"Even if China follows through on additional purchases it has pledged in trade talks, there could still be 900 million bushels of soybeans in storage at the end of this season – more than the entire crop grown in Iowa, one of the biggest producers"
"US wheat, pork and beef producers have complained that they are being rapidly outflanked and replaced in the lucrative Japanese market by rivals including Canada, Australia, and EU members, whose trade deals with Japan recently entered into force."
 
"US pork exports to Japan, a $1.6 billion business last year, have dropped 35% so far this year. “We’re already losing sales and seeing the negative impact .. we’re under significant duress right now."

And another round of #TPP tariff cuts kick in on April 1. (^ @JGodiasMurphy)
"The record floods are inflicting a devastating toll on farmers and ranchers at a moment when they can least afford it, raising fears this will become a breaking point for farms facing falling incomes, rising bankruptcies & fallout from Trump’s trade war." nyti.ms/2TMNQ2k
“Essentially, it’s 2 years of negative: farmers lost what was stored in the bins and won’t be able to plant next year’s crop. So it’s going to be really tough for a lot of people.”

‘A punch in the gut’: Farmers hit by tariffs see crops swept away by flood washingtonpost.com/national/a-pun…
“There’s an awful lot of not only financial stress but emotional stress for the farms that are struggling.”

Farm income in Minnesota fell 8% last year (including a stunning 65% drop for dairy farmers), worst year since the crisis in the early 1980s strib.mn/2UUDz0n
#Canada Foreign Minister @cafreeland, following meeting with USTR Lighthizer: continued existence of steel and aluminum tariffs raise 'serious questions' about #NAFTA ratification #USMCA cbc.ca/news/politics/…
Mexico opposes U.S. proposal for steel and aluminum quotas, reiterates calls for the elimination of Section 232 tariffs
reut.rs/2uxk56l
"There could be worse to come. 3/4 of US corn and soybeans in storage are in states where NOAA expects to see major flooding through May.

~$76 billion of corn and soybeans alone have been set aside."

Floods hit farm belt just as hopes of trade thaw grow bloomberg.com/opinion/articl…
Canada is considering expanding its list of retaliatory tariffs to ramp up pressure on the US to drop steel and aluminum tariffs: Foreign Minister @cafreeland f24.my/4ijv.T
EU prepares retaliatory tariffs on $22.6 billion worth of US imports in Airbus-Boeing dispute; @EU_Commission to publish a draft list on Wednesday
dw.com/en/eu-prepares…
"Japan's beef imports rose 25% yoy in Jan and Feb, driven by a 51% surge in frozen beef imports ..

[#TPP members] Canada and New Zealand saw 345% and 133% growth in total beef exports respectively."

Trans-Pacific trade party is raging on without the US wsj.com/articles/trans…
"The sharp rise means that Japan’s frozen beef safeguard is on the edge of being triggered, raising the tariff on imports from the US from 38.5% to 50% for a year.

Yet CPTPP members will be unaffected, placing the burden on the US practically alone." #TPP
EU agrees on terms for limited trade talks with US:
– elimination of tariffs for industrial goods only, EXCLUDING agricultural products
– conformity assessment (make it easier for companies to prove their products meet technical requirements in EU & US)
marketbeat.com/n/4088390/
"@MalmstromEU stressed that the potential deal was far less ambitious than the TTIP negotiations."

EU ready to start talks with US to cut tariffs on industrial goods and make it easier for companies to show that products meet EU or US standards reuters.com/article/us-usa…
"Many producers are alarmed by signs that the administration would accept Chinese purchase target pledges for commodities like soybeans and pork without a promise to lift retaliatory tariffs."

US farmers fear China trade deal will leave them worse off bloomberg.com/news/articles/…
"Since the purchase agreement quotas would be administered through Chinese government-controlled entities, Beijing could use them as leverage, halting or delaying purchases whenever tensions rise with the US, thereby holding farmers' livelihoods hostage."
The new Trump trade strategy towards China:
– promote American farmers
– at the deliberate expense of American manufacturers
– enable 100% ownership by American companies in China
– thus encouraging the outsourcing of American jobs #maga
Made in China 2025 lives.

U.S. negotiators have watered down demands that China curb industrial subsidies as a condition for a trade deal, marking a retreat on a core Trump admin objective reut.rs/2Ujgkw3
“To the Dairy Community, I know you are hurting, hang in there if you can.”

His voice breaking, brushing away tears, Minnesota farmer Mark Berg highlights the struggles of dairy farmers in viral video strib.mn/2It80HJ
EU publishes $20 billion draft list of US goods facing tariffs over Boeing subsidies, including tractors, ketchup, hazelnuts, corn, helicopters, video game consoles and automatic bowling alley equipment on.ft.com/2XiQNF6
"In 2004, EU said Boeing had received $19 billion in unfair subsidies since 1989. The US government filed a similar claim that year over subsidies to Airbus.

WTO has handed down favorable rulings to both sides, underscoring the complexity of the dispute." cnn.com/2019/04/17/bus…
"Important issues remain unresolved, especially the question of which tariffs will be removed on each side."

The US and China have tentatively scheduled a fresh round of trade talks, aiming to sign a deal as soon as late May or early June on.wsj.com/2GuC3NN
"The report will measure #USMCA's effects on GDP, income, job creation & specific sectors against a baseline of #NAFTA, [which] already eliminated nearly all tariffs among the 3 countries."

Trump team readies PR offensive as ITC study is expected tomorrow reuters.com/article/us-usa…
In a major victory for EU and US, WTO rules China did not automatically qualify for market-economy status in 2016 as Beijing has claimed.

An interim ruling will allow nations more scope to apply tariffs on dumped Chinese products on a case-by-case basis bloomberg.com/news/articles/…
ITC report on #NAFTA revisions finds modest economic benefits:
– increase GDP by 0.35% after inflation
– create 175,700 jobs
– increase US trade with Canada & Mexico by about 5%
– no change in US trade deficits with CAN & MEX
– reduce US car exports #USMCA nyti.ms/2XvyY5Z
US wins another big case against China, as WTO rules Beijing unfairly used tariff-rate quotas to block wheat, rice and corn sc.mp/95ws
"The Trump admin's newest trade negotiating tactic is to ask China to put tariffs on American manufactured goods — the very sector Trump's trade war was supposed to be helping — in order to relieve the pain the trade war caused for American farmers." #maga reason.com/2019/04/16/in-…
Results of Trump’s washing machine tariffs:
–consumers bore between 125% and 225% of the costs of the tariffs
–tariffs brought in $82 million to the Treasury, while raising consumer prices by $1.5 billion
–created 1,800 new jobs, at cost of $817,000 each nyti.ms/2Xvbwph
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