The U.S. Trade Representative released her annual report, which says China is doubling down on its harmful trade and economic practices.
The report is required by law and is the first to outline President Biden’s trade agenda. While light on details, the report says the U.S. will compete with China by building stronger ties with allies. Last year, China was the number one market for U.S. ag products, although it fell woefully short of phase one trade commitments. A senior advisor for the Commerce Department says China’s goal of self-sufficiency will be hard to come by with such limited resources.
“As China’s middle class grows and as its income grows, demand for agricultural products and services are also only going to grow and that’s going to mean a greater dependence and reliance on external markets, and I hope certainly greater opportunities for U.S. farmers.”
At least week’s Ag Outlook Forum, Secretary Tom Vilsack reiterated the positive outlook for agriculture exports in 2022.
“We were able to enjoy a record year in exports. A significant increase over the 2014 record, but the good news is that you’re going to learn during this Outlook Forum that we expect and anticipate 2022 to be even better, to break that record and to increase exports by billions of dollars.”
USDA’s export forecast for the year is $180,000,000,000.
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