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On Jan. 15, 2020, the United States and China signed "phase one" of a trade deal. The countries' relationship has been trending downward for the past two years, and the deal does mark a possible inflection point.
The combination of reduced Chinese imports, significant supply chain disruptions and rising dairy surpluses in export regions will keep downward pressure on global markets through much of 2020.
March 16, 2020
Global financial services company Rabobank said the upward trajectory in global dairy product prices visible in quarter-four 2019, stalled in quarter-four 2020.
On May 31, Mexico announced retaliatory tariffs on U.S. cheese, and then on June 16, China announced retaliatory tariffs against most U.S. dairy products.
GIs are geographical indications, a form of intellectual property. The European Union is blocking U.S. cheesemakers from using common or generic names, like provolone or Parmesan. It’s a huge free-trade issue involving millions of dollars of lost sales.