Ag Exports to Take Hit in 2023 and Tariffs on Chinese Imports to Stay
**American ag exports may take a hit for the 2023 fiscal year.
According to a new report from the USDA’s economic research and foreign agricultural services divisions, farm exports are expected to total $193.5 billion, down $2.5 billion from the final revised forecast for 2023.
Drought impacts are expected to cut cotton exports by $1.8 billion and grain and feed exports by $1.3 billion.
Beef exports are expected to fall by $1.1 billion due to tight supplies.
**The Office of the U.S. Trade Representative announced more than $300 billion worth of tariffs on Chinese imports, imposed by the Trump administration, WILL STAY IN PLACE for now.
www.agrimarketing.com reports, the tariffs could have expired over the past two months, but didn't as U.S. industries against it.
USTR Katherine Tai is now preparing a review of the tariffs.
Tai told lawmakers at a June hearing she believes the tariffs make the U.S. more competitive with China.
**Farmer sentiment improved in August as the Purdue-CME Group Ag Economy Barometer rose 14 points above July’s reading to 117.
Both the Index of Current Conditions and Future Expectations increased last month.
Producers were less worried about their farm’s financial situation but remain concerned about a possible cost-price squeeze.
When asked about their biggest concerns for next year, more than half said higher input costs.