Details of China Deal and U.S. Tariffs on E.U. Imports
**President Trump is calling the still to be completed trade deal with China "the greatest and biggest deal ever made for our Great Patriot Farmers in the history of our Country."
The U.S. agreed not to increase tariffs on $250 billion of Chinese products, which would have taken effect Tuesday.
Treasury Secretary Steve Mnuchin tells agrimarketing.com, in exchange, China agreed to lift retaliatory duties on U.S. farm goods and scale up its agricultural purchases to between $40 billion and $50 billion per year.
**The World Trade Organization is authorizing the United States to impose tariffs on up to $7.5 billion of imports of E.U. goods.
Reuters reports the tariff threat has people in the U.S. buying up Italian Parmesan Cheese, one of the items selected to be hit with tariffs.
The U.S. tariffs on the E.U. are expected to go into effect today.
**China, Brazil and the United States will help drive a dramatic global increase in ethanol consumption in the next 10 years.
That’s according to U.S. Grains Council analyst Mike Dwyer who tells agriculture.com the U.S.-China trade war will, however, blunt the opportunity for ethanol from the U.S. to win a share of the Chinese market in the near term.
Dwyer told the Global Ethanol Summit in Washington D.C. ethanol production hit 110 billion liters in 2018 and could expand significantly in the next decade.