China says there are no tariff negotiations with Washington... China denied President Donald Trump’s assertion the two sides were involved in active negotiations over tariffs. “China’s position is consistent and we are open to consultations and dialogues, but any form of consultations and negotiations must be conducted on the basis of mutual respect and in an equal manner,” said a ministry of commerce spokesperson. “Any claims about the progress of China/U.S. trade negotiations are groundless as trying to catch the wind and have no factual basis.” China also made it clear that talks should involve the cancellation of all tariffs it currently faces.
U.S. officials mull easing tariffs targeting the auto industry... The Trump administration is considering whether to reduce certain tariffs targeting the auto industry that carmaker executives have warned would deal a severe blow to profits and jobs, Bloomberg reported. One measure would spare automobiles and parts already subject to tariffs from facing additional duties from levies on steel and aluminum imports, according to people familiar with the matter. That would eliminate so-called “stacking” of levies. Another option being studied would fully exempt auto parts that comply with the U.S.-Mexico-Canada Agreement. The Financial Times earlier reported the Trump administration is considering reducing tariffs on auto parts — and that they might also exempt auto parts bought from China from a 20% tariff applied to the country over a dispute over fentanyl.
Trump targets Chinese cranes, raising costs and risks for U.S. ports... The Trump administration is proposing tariffs of up to 100% on Chinese-made ship-to-shore cranes, containers and related parts — equipment that no U.S. firm currently manufactures. Port officials warn this move could severely burden marine terminal operators and ripple across global supply chains. Gene Seroka of the Port of Los Angeles noted that shifting to non-Chinese suppliers would take a decade due to limited global alternatives and the need for new manufacturing infrastructure.
The American Association of Port Authorities opposes the tariffs, calling them “a crippling tax on port development.” Maintenance of the nearly 50 Chinese cranes already in use at key U.S. ports would also become more costly, with higher equipment and transport expenses likely to be passed on to consumers.
A U.S. Trade Representative hearing on the proposed duties is set for May 19.
Outlaw & Fischer: Rethinking ‘all or nothing’ in farm bill debate... In a timely analysis, Dr. Joe Outlaw and Dr. Bart Fischer argue in a Southern Ag Today item that Congress may need to abandon its traditional “all or nothing” stance on farm policy to urgently shore up the safety net for U.S. crop producers. They emphasize that since the expiration of the 2018 Farm Bill in September 2023, economic conditions for farmers have worsened sharply due to “low prices and high costs.”
Progress on a new farm bill has stalled behind competing legislative priorities — chiefly a budget reconciliation package aimed at extending Trump-era tax cuts and boosting border security. That bill carries budget instructions requiring steep cuts: $230 billion over 10 years from the House Ag Committee, and at least $1 billion from the Senate Ag Committee.
Outlaw and Fischer suggest a piecemeal approach may be the only viable path forward. “In our opinion, that is the only realistic pathway to achieving meaningful enhancements to the farm safety net for the 2025 crop,” they write.
While some fear fragmenting the longstanding farm/food coalition, Outlaw and Fischer note this isn’t without precedent. During the 2014 Farm Bill debate, separate bills for nutrition and farm programs were passed and later merged in conference. “Congress may wish to consider moving away from all or nothing this time around,” they conclude, urging pragmatism in the face of rising farm sector vulnerabilities.
DOI approval time for energy projects cut to 28 days... The Trump administration said it would implement an emergency permitting process for energy and mining projects on federal lands, slashing approval times that typically take months or years to at most 28 days. The U.S. Department of the Interior (DOI) move is in response to President Donald Trump’s national energy emergency declaration, which he made on his first day in office, to speed permitting in an effort to boost domestic energy supplies, bring down fuel prices and bolster national security. DOI said the emergency procedures would apply to fossil fuels like oil, gas and coal, uranium, geothermal, critical minerals, biofuels and kinetic hydropower projects. It did not list solar energy or wind energy.
Bessent urges IMF, World Bank to refocus on core mission... In a forceful address at the Institute of International Finance on Wednesday, Treasury Secretary Scott Bessent called for the International Monetary Fund (IMF) and World Bank to abandon what he termed “mission creep” — specifically efforts related to climate change, gender equity and social policy — and return to their foundational roles focused on monetary stability, trade and development. “The IMF was once unwavering in its mission… Now it devotes disproportionate time and resources to work on climate change, gender, and social issues,” Bessent said. “These issues are not the IMF’s mission.” Framing his remarks within the Trump administration’s “America First” doctrine, Bessent emphasized the U.S. seeks greater leadership, not retreat, in shaping global financial institutions. He advocated for “rebalancing” both in trade and institutional priorities.
Key proposals included:
- Stricter lending requirements for IMF borrowers who resist structural reforms.
- Ending development loans to middle-income nations like China.
- A “tech-neutral” stance on energy that reopens World Bank support for gas and fossil fuels.
- Renewed scrutiny of trade imbalances, especially with surplus economies such as China.
On China, Bessent reiterated the administration’s core argument: “China needs to change. The country knows it needs to change. Everyone knows it needs to change.” He framed structural rebalancing of global trade as central to economic and geopolitical stability.
The speech marked Bessent’s clearest articulation yet of the Trump administration’s international economic agenda, positioning the U.S. as both reformer and recommitted leader of the global financial order.
Biofuels group urges EPA to boost 2026 RVOs amid surge in U.S. production... The Advanced Biofuels Association (ABFA) met Wednesday with EPA officials to advocate for a higher 2026 Renewable Volume Obligation (RVO), citing record domestic production capacity. According to a Lipow Oil Associates report, U.S. producers generated nearly 4.9 billion gallons of advanced biofuels in 2024 and could reach 7.2 billion gallons in 2025. ABFA President Michael McAdams urged EPA to raise the 2026 RVO to 5.75 billion gallons to align with the Trump administration’s energy dominance agenda.