World Perspectives

Formulaic Trade War; Squeeze on the House; Hypocritical Food Angst

Formulaic Trade War Ahead of a Senate Agriculture Committee hearing today on U.S. agricultural trade, USDA released the formula it used to calculate compensation under its trade mitigation package. Corn growers were upset that the formula results in just $0.01/bushel. USDA officials admitted that they pondered whether a single penny was worse than nothing at all but felt a moral obligation to award what the formula directed. There were various methodologies negotiated within the administration, but the one ultimately used is consistent with the approach the U.S. must take in justifying the outlays to the WTO. The hearing itself reinforced the angst in farm country over being at the point of the spear in President Trump’s trade war...

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