World Perspectives

Recent Policy Analysis

Looking Ahead at the China Trade Dispute

Yesterday President Trump asked the U.S. Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent. His statement noted, “After the legal process is complete, these tariffs will go into effect if China refuses to change its practic...

Illogical War; Illogical Reparations; Precaution or Hysteria?; Relations and Wars

Illogical War One can imagine more sophisticated approaches to rebalancing trade concessions than the one undertaken by the Trump administration. The president’s assertion was that a larger trade deficit and lower average tariffs mean the U.S. is in a stronger negotiating position. Howeve...

Fed Gets Less Dovish

As expected, the Federal Reserve Federal Open Market Committee (FOMC) raised the federal funds rate last week by another 25 basis points to a target range of 1.75-2 percent. It was a unanimous decision, and the FOMC characterizes the new range as remaining accommodative. Moreover, post-meeting...

Trade War Chapters Three and Four; NAFTA Dairy Confusion; Tech Solution

Trade War Chapters Three and Four President Trump’s “easy to win” trade war is heating up, and U.S. farm groups are beginning to push back against it. This week the Trump administration announced that it would apply 25 percent tariffs on $50 billion worth of “industriall...

The Farm Bill’s Path Forward

As clients will recall, the House farm bill was sunk in May on a vote of 198-213. No Democrats voted for it due to the work requirement reforms pertaining to the Supplemental Nutrition Assistance Program (SNAP). Further, 30 Republicans voted against the bill. They were primarily from the conser...

Roadblock Italy; Lemon to a Knife Fight

Roadblock Italy The new Italian government says it will not ratify the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada. It is a major agreement, but the Italians say it does too little to protect their country’s specialty foods. This does not bode well for EU c...

FB: Boring Bipartisanship; Triangulating Trade Arrangement; Farm Policy Purpose

FB: Boring Bipartisanship The Senate Agriculture Committee approved its farm bill proposal by a vote of 20-1. Only Iowa Republican Senator Chuck Grassley voted no, a bipartisan tradition for senators from that state. While the House version of the legislation, which failed in a floor vote, atte...

biofuel

Trends Underlying Biofuel Use

With the Senate Agriculture Committee’s markup of the farm bill tomorrow morning, a number of amendments are being prepared. This includes one from Senator Deb Fischer (R-Nebraska) that would legislatively mandate a waiver for summertime use of E15. President Trump has already pledged to...

U.S.-Canada Road Forward; Limits of Tariffs; Real Ag Problems

U.S.-Canada Road Forward Donald Trump initially thought that U.S. agriculture was a problem for him since the sector was so paranoid about trade retaliation that it cried out loudly for him to “do no harm.” Now he has come to realize that it presents some of the best examples of pro...

biofuel energy

Ethanol Snapshot

One month ago today, the EPA sent its proposed rule for the 2019 Required Volume Obligations (RVOs) for biofuel use to the Office of Management and Budget (OMB) for a final sign-off. The OMB review is the last step before the RVO rule is published in the Federal Register for public comment. OMB...

G6 Decision; Leveling the Playing Field; Peronist Pope; G7 Reaction; Leveraging Argentina

G6 Decision The G7 meeting did not go well - at least from everyone’s perspective except Donald Trump’s. It went exactly as he expected and intended. While the G6 lectured him on the benefits of post-WWII multilateralism, Trump relished being the G1 and succeeded in his negotiating...

Protectionist in Chief?

Calling their bluff, President Donald Trump challenged his G7 partners to a trade agreement amongst the industrialist elite that would result in “no tariffs, no barriers ... and no subsidies.” It would be a difficult policy reach for relatively free trading Australia, let alone any...

Looking Ahead at the China Trade Dispute

Yesterday President Trump asked the U.S. Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent. His statement noted, “After the legal process is complete, these tariffs will go into effect if China refuses to change its practic...

Illogical War; Illogical Reparations; Precaution or Hysteria?; Relations and Wars

Illogical War One can imagine more sophisticated approaches to rebalancing trade concessions than the one undertaken by the Trump administration. The president’s assertion was that a larger trade deficit and lower average tariffs mean the U.S. is in a stronger negotiating position. Howeve...

Fed Gets Less Dovish

As expected, the Federal Reserve Federal Open Market Committee (FOMC) raised the federal funds rate last week by another 25 basis points to a target range of 1.75-2 percent. It was a unanimous decision, and the FOMC characterizes the new range as remaining accommodative. Moreover, post-meeting...

Trade War Chapters Three and Four; NAFTA Dairy Confusion; Tech Solution

Trade War Chapters Three and Four President Trump’s “easy to win” trade war is heating up, and U.S. farm groups are beginning to push back against it. This week the Trump administration announced that it would apply 25 percent tariffs on $50 billion worth of “industriall...

The Farm Bill’s Path Forward

As clients will recall, the House farm bill was sunk in May on a vote of 198-213. No Democrats voted for it due to the work requirement reforms pertaining to the Supplemental Nutrition Assistance Program (SNAP). Further, 30 Republicans voted against the bill. They were primarily from the conser...

Roadblock Italy; Lemon to a Knife Fight

Roadblock Italy The new Italian government says it will not ratify the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada. It is a major agreement, but the Italians say it does too little to protect their country’s specialty foods. This does not bode well for EU c...

FB: Boring Bipartisanship; Triangulating Trade Arrangement; Farm Policy Purpose

FB: Boring Bipartisanship The Senate Agriculture Committee approved its farm bill proposal by a vote of 20-1. Only Iowa Republican Senator Chuck Grassley voted no, a bipartisan tradition for senators from that state. While the House version of the legislation, which failed in a floor vote, atte...

biofuel

Trends Underlying Biofuel Use

With the Senate Agriculture Committee’s markup of the farm bill tomorrow morning, a number of amendments are being prepared. This includes one from Senator Deb Fischer (R-Nebraska) that would legislatively mandate a waiver for summertime use of E15. President Trump has already pledged to...

U.S.-Canada Road Forward; Limits of Tariffs; Real Ag Problems

U.S.-Canada Road Forward Donald Trump initially thought that U.S. agriculture was a problem for him since the sector was so paranoid about trade retaliation that it cried out loudly for him to “do no harm.” Now he has come to realize that it presents some of the best examples of pro...

biofuel energy

Ethanol Snapshot

One month ago today, the EPA sent its proposed rule for the 2019 Required Volume Obligations (RVOs) for biofuel use to the Office of Management and Budget (OMB) for a final sign-off. The OMB review is the last step before the RVO rule is published in the Federal Register for public comment. OMB...

G6 Decision; Leveling the Playing Field; Peronist Pope; G7 Reaction; Leveraging Argentina

G6 Decision The G7 meeting did not go well - at least from everyone’s perspective except Donald Trump’s. It went exactly as he expected and intended. While the G6 lectured him on the benefits of post-WWII multilateralism, Trump relished being the G1 and succeeded in his negotiating...

Protectionist in Chief?

Calling their bluff, President Donald Trump challenged his G7 partners to a trade agreement amongst the industrialist elite that would result in “no tariffs, no barriers ... and no subsidies.” It would be a difficult policy reach for relatively free trading Australia, let alone any...

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