U.S. trade groups urge China to increase purchases of U.S. goods, services
- The U.S. Chamber of Commerce and over 40 trade associations have urged top American and Chinese officials to redouble efforts to implement a Phase 1 trade agreement.
- The Phase 1 trade agreement called for China to purchase $200 billion in additional U.S. goods and services over the next two years. The agreement was signed in January.
- Tensions between China and the U.S. spiked in recent months over the origin of the coronavirus outbreak and the passage of a new national security law that limits Hong Kong’s autonomy.
- President Trump recently stated that “decoupling” the two economies remains an option.
- Accelerated implementation of the trade deal would help both countries and it would also pave the way for Phase 2 talks.
Production disruptions slow May exports of beef, pork
- During the month of May, coronavirus caused meatpacking facilities to slow production, and in turn exports of beef and pork were negatively impacted.
- Beef exports fell 33% during the month of May compared to 2019, recording the lowest monthly volume in 10 years, according to the USDA and U.S. Meat Export Federation. The value of beef exports fell 34 percent.
- Pork exports were actually 12 percent higher in the month of May compared to year ago levels, but down 13 percent compared to the monthly average for the first quarter of 2020.
- Despite a challenging global economic outlook, USMEF President and CEO, Dan Halstrom thinks export volumes will recover quickly in most markets, as U.S. red meat remains an important staple for both domestic and international consumers.
Boxed beef prices
- Choice boxed beef: $205.46 (+0.02)
- Select boxed beef: $196.97 (-1.79)