China began imposing tariffs on U.S. ag products in early July. Ironically, the July export numbers were very strong. “It’s the best July that the U.S. has seen as far as the value of ag exports go,” said USDA trade economist Bryce Cook. The value of U.S ag exports totaled $11.2 billion. High value exports, like meat and dairy products, are partially responsible for the strength. So far this year, the U.S. has an agricultural trade surplus of $14.3 billion. That’s down 27 percent from last year at this time.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.