Beef Safeguard in US-Japan Trade & Inflation and Interest Rates

**U.S. Trade Rep Katherine Tai and Japan’s Ambassador to the U.S. confirmed amendments to the beef safeguard trigger under the U.S.-Japan Trade Agreement will take effect January 1st.

Tai says, the new beef safeguard agreement ensures America’s farmers and ranchers can continue to meet Japan’s strong demand for high-quality U.S. beef.

The new protocol amends the beef safeguard trigger level with a new three-trigger mechanism.

**The Farm Credit Administration received a quarterly report on economic issues affecting U.S. agriculture and an update on the performance of the Farm Credit System.

Inflation and rising interest rates continue to be major economic issues despite a recent slowdown in inflation.

Consumer reaction to inflation, higher interest rates, and the labor market will be key drivers for the economy in 2023.

Input costs will also be important for farmers next year.

**The nation's average gas price declined for the fifth straight week, down 14.4 cents from a week ago to $3.21 per gallon.

The national average is down 56.5 cents from a month ago and 11.0 cents lower than a year ago.

The average price of diesel fell 14.9 cents and stands at $4.91 per gallon, and could fall 50 cents to $1 per gallon over the next six weeks or so.

GasBuddy's Patrick De Haan says, the keystone XL Pipeline shutdown is not expected to impact fuel prices, for now.