Australian farmers and exporters hoping the arrival of newly-minted US President Joe Biden would mean swift resolutions to US-China trade issues may have to continue waiting, The Weekly Times reports. So, what do global markets look like for agriculture in 2021?
Australia's agriculture industry was hit hard by a year of prolonged COVID-19-induced uncertainty, which was only intensified by escalating trade tensions with China as it targeted Australian barley, beef, wine, log timber, and lobster exports.
“The good news is, Australian agriculture exports will be less exposed as a consequence of Trump doing deals aimed at addressing the US trade imbalance,” said Dr Stephen Kirchner, USSC Director of Trade and Investment, told The Weekly Times.
Dr Kirchner also indicated President Biden, as he pursues further trade negotiations with China, may end up wanting to preserve parts of the deal struck by his predecessor Donald Trump, notably the "sweeping commitments on intellectual property" which China made.