The impact of the incoming Trump presidency in America on global grain markets remains an unknown, the Irish Farmers Journal’s Tillage Day heard on Thursday.
James Nolan of R&H Hall said that it was all out in the open that Donald Trump said he was going to support US farming.
“Of what he’s capable of doing, it’s an unknown. He’s obviously going to help the US farmer from a long way out.
“There was a big worry that if Trump was to get in that it would be bad for trade between the US and China. There was an argument that he would put more tariffs on goods coming from China to the US and vice versa on China to the US in retaliation,” he said.
James Nolan of R&H Hall speaking at the Irish Farmers Journal Tillage Day. \ Claire Nash
Nolan said that the US is a major exporter of grains and oilseeds and that China is the biggest buyer in the world.
“If the US is going to lose demand to China, it has to go somewhere else.
"Potentially, globally, it could have an impact somewhere else,” he said.
However he noted that, currently, US exports to China are at a very low base.
EU and US trade
Last month, the Irish Farmers Journal reported that a return to tariffs on EU dairy being imported into the United States is likely under the Trump presidency.
Speaking to the Irish Farmers Journal in Washington DC, US National Milk Producer Federation CEO Gregg Doud said that Trump had a rebalancing of trade with the EU firmly in his sights if re-elected.
The last time Trump was in power, a tariff on EU dairy produce was imposed in 2019, which was only removed in 2021.
Kerrygold is the number two butter brand in the US and the most exposed Irish food export in the event of a new trade war with the US.
Commission
On Monday night, the incoming European Commissioner for Trade Maroš Šefcovic said that it remains advantageous for the EU and US to work together, rather than against each other.
“Regardless of the outcome of the US elections, I will put forward an offer of co-operation, including a revamped EU-US trade and technology council.
"At the same time, I will be ready to stand up for our interests if faced with disruptive scenarios,” he said.
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The impact of the incoming Trump presidency in America on global grain markets remains an unknown, the Irish Farmers Journal’s Tillage Day heard on Thursday.
James Nolan of R&H Hall said that it was all out in the open that Donald Trump said he was going to support US farming.
“Of what he’s capable of doing, it’s an unknown. He’s obviously going to help the US farmer from a long way out.
“There was a big worry that if Trump was to get in that it would be bad for trade between the US and China. There was an argument that he would put more tariffs on goods coming from China to the US and vice versa on China to the US in retaliation,” he said.
James Nolan of R&H Hall speaking at the Irish Farmers Journal Tillage Day. \ Claire Nash
Nolan said that the US is a major exporter of grains and oilseeds and that China is the biggest buyer in the world.
“If the US is going to lose demand to China, it has to go somewhere else.
"Potentially, globally, it could have an impact somewhere else,” he said.
However he noted that, currently, US exports to China are at a very low base.
EU and US trade
Last month, the Irish Farmers Journal reported that a return to tariffs on EU dairy being imported into the United States is likely under the Trump presidency.
Speaking to the Irish Farmers Journal in Washington DC, US National Milk Producer Federation CEO Gregg Doud said that Trump had a rebalancing of trade with the EU firmly in his sights if re-elected.
The last time Trump was in power, a tariff on EU dairy produce was imposed in 2019, which was only removed in 2021.
Kerrygold is the number two butter brand in the US and the most exposed Irish food export in the event of a new trade war with the US.
Commission
On Monday night, the incoming European Commissioner for Trade Maroš Šefcovic said that it remains advantageous for the EU and US to work together, rather than against each other.
“Regardless of the outcome of the US elections, I will put forward an offer of co-operation, including a revamped EU-US trade and technology council.
"At the same time, I will be ready to stand up for our interests if faced with disruptive scenarios,” he said.
Read more
Trump will target EU exports if elected next month
Trump presidency a concern for Irish farmers
Planes trump cows, says court
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