Tidbits, China Trade Deal, S&D Report, Crop Progress, ENSO, Export Inspections 5/13/25
- Wright team
- May 13
- 4 min read
Highlights
The U.S. and China trade agreement details announced yesterday morning:
A 90-day pause on reciprocal tariffs.
Both Countries dropped their tariff rates by 115 percent points.
The U.S. tariffs on Chinese goods reduced from 145% to 30%.
China’s tariffs on U.S. goods will be 10%, with 24% suspended for 90 days and 91% removed.
China removed all non-tariff countermeasures (all “lame” excuses like quotas, phyto-sanitary restrictions, etc.)
China sent their deputy minister for public safety to address the fentanyl crisis, which US officials called an "upside surprise" - completely unexpected.
U.S. Treasury Secretary Bessent said talks with China could lead to “purchasing agreements.”
Negotiations in the next 90 days will focus on rebalancing trade and addressing the $1.2 trillion trade deficit. Both sides agreed that neither side wants decoupling. They want rebalancing, not separation.
S&D Highlights
All four corn carryout numbers (old and new crop, U.S. and world) were less than expected, especially new crop world carryover which was below the lowest pre-report estimate.
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