Last Thursday, major trade unions and farmers’ groups staged a nationwide strike to protest the newly established interim trade agreement with the United States. Protesters argue the agreement disadvantages farmers, small businesses, and workers. Under the deal, the United States removed the additional 25% tariff on imports from India after India committed to end purchases of Russian oil. India also reduced its reciprocal tariff rate on U.S. goods from 25% to 18%. In addition, the agreement expands access to India’s market of more than 1.4 billion consumers for U.S. products.
US-Taiwan reciprocal trade deal:
On February 12, the United States and Taiwan signed a reciprocal trade agreement granting US industrial and agricultural exports preferential access to Taiwan’s market. In return, the US will cap tariffs on Taiwanese goods at 15%. The United States is Taiwan’s largest supplier of agricultural products by volume, including soybeans, corn, and wheat. United States beef exports to Taiwan lead in value.
NOPA crush data is due out on Tuesday:
The National Oilseed Processors Association (NOPA) will release its monthly soybean crush report on Tuesday, February 16th. Traders expect the January crush figure to reflect the impact of extreme cold temperatures across parts of the Midwest.
