Meat Sales Hit Record High and USTR Investigates China
From the Ag Information Network, this is your Agribusiness Update.
**Meat sales hit a record high of $104.6 billion in 2024.
Pounds sold increased by 2.3% compared to 2023, and consumers, on average, purchase meat more than once per week, keeping meat as the largest fresh department in grocery stores.
The 20th annual Power of Meat Report says 98% of American households purchase meat, and 73% view meat as a healthy choice.
90% of Americans put animal proteins top the list.
**Many organizations representing farmers, ranchers, and industry stakeholders sent a letter to Congressional leaders asking for the permanent extension of the expiring Section 199A in the Tax Cuts and Jobs Act of 2017.
199A has kept co-ops and their farmer members competitive with corporations that benefit from the permanently reduced corporate tax rate.
Each year, farmer cooperatives pass roughly 95% of the benefits, totaling over $2 billion, directly back to farmers across rural America.
**The U.S. Trade Representative’s Office launched an investigation into China’s efforts to dominate the maritime, logistics, and shipbuilding sectors.
After an investigation, the USTR released proposed actions, including assessing fees up to $1.5 million on ships arriving at U.S. ports if the ships are Chinese-built, operated or flagged.
Farmers say imposing fees will only increase costs for U.S. farmers importing inputs like seed and fertilizer and getting crops to market overseas.
