Trade score: Biofuels win, China offers $70B, Mexico fights back

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BUSINESS RECORD STAFF | Jun 6, 2018 | 3:45 pm |

1 min read time

In the space of a day, Reuters pushed stories on three big developments in the world of international trade and the closer-to-home ethanol vs. oil spat.

In the space of a day, Reuters pushed stories on three big developments in the world of international trade and the closer-to-home ethanol vs. oil spat.

Here’s what’s up:

President Donald Trump has indefinitely delayed a plan that was intended to soften the biofuels industry’s pressure on oil interests. Not surprisingly, this brought immediate praise from one of the nation’s chief defenders of all things corn, U.S. Sen. Chuck Grassley of Iowa.
China is reportedly offering to buy $70 billion more in U.S. goods to soften the trade tensions and try to avoid an all-out trade war. Trump has made it clear that he thinks the U.S. has been getting a bad deal in trade with the Chinese — and that he has concerns about the theft of intellectual property, too. He plans to talk to his trade advisers about the proposal.
Mexico’s retaliation for U.S. tariffs will hit pork, steel and bourbon. The tariffs took effect Tuesday.