USMCA Consultations and Tariff Revenue for American Farmers
From the Ag Information Network, this is your Agribusiness Update.
**The U.S., Canada and Mexico have begun consultations ahead of next year’s review of the USMCA trade agreement.
Mexican Economy Minister Marcelo Ebrard says an evaluation of the trade pact’s results will take place between now and the end of the year.
Canadian Prime Minister Mark Carney says they will hold industry consultations.
The U.S. Trade Representative’s Office estimates the USMCA covers nearly $2 trillion in US goods and services.
**The Trump Administration is drawing up plans to use tariff revenue to fund a program to support U.S. farmers.
The report follows pressure from farm groups after China stopped purchases of U.S. soybeans in their tit-for-tat trade dispute, and as tariffs have pushed up costs for fertilizer, machinery and other imported goods.
Agriculture has emerged as a major point of contention between China and the U.S.
**The value of San Luis Obispo County, California’s agricultural industry has gone down by more than $85 million since 2023, according to the County Department of Agriculture/Weights and Measures' 2024 crops report.
In 2024, officials say the total crop value for San Luis Obispo County was $1,015,871,000 … a nearly 8% decrease from 2023.
However, the 2024 statistics mark the fourth consecutive year that the crop value exceeded $1 billion.
