President Donald Trump says he has agreed to renegotiate the North American Free Trade Agreement, rather than terminate the agreement. Following news that the White House was preparing an executive order to terminate NAFTA, the President said on Twitter Thursday that leaders called from Mexico and Canada “asking to renegotiate rather than terminate,” adding he agreed to do so. But, only if the U.S. receives a fair deal in renegotiations. Word of an executive order to terminate NAFTA angered agriculture groups. The National Corn Growers Association denounced the reports, and NCGA President Wesley Spurlock said withdrawing from NAFTA “would be disastrous,” while urging the President not to remove the U.S. from the trade agreement. Mexico is the top buyer of U.S. exported corn. U.S. Grains Council President and CEO Tom Sleight said the council was “shocked and distressed” by the news, adding there is strong support to update and modernize NAFTA. Following the outcry, President Trump said in a statement: “It is my privilege to bring NAFTA up to date through renegotiation.” He told reporters Thursday afternoon that he had been planning to terminate NAFTA “as of two or three days from now.” But now, he says: “We’re going to give renegotiation a good, strong shot,” and says renegotiation begins today.

Senators Chuck Grassley and Joni Ernst of Iowa, along with a bipartisan group of 14 other senators, introduced a bill that would be designed to reform the biodiesel tax credit and extend the new policy for three years. Grassley and Washington Democrat Maria Cantwell are the chief authors of the American Renewable Fuel and Job Creation Act of 2017. The act would extend the biodiesel tax credit for the next three years and reforms the incentive by transferring the credit from the blenders to the producers of biofuels. The switch would ensure that the tax credit would incentivize domestic production and taxpayers wouldn’t be subsidizing imported fuel. Biofuel imports have increased from 510 million gallons in 2014 to approximately one billion gallons in 2016. Foreign biodiesel can benefit from the existing tax credit as well as foreign subsidies, making it much harder for homegrown biodiesel to compete. Grassley says, “U.S. tax policy should support U.S. products and jobs.” Ernst added, “I’m proud to support his legislation with Senator Grassley, which will ensure that we’re not inadvertently supporting foreign-produced biodiesel.”

Iowa Secretary of Agriculture Bill Northey expressed his appreciation that President Trump would host the Agriculture round table discussion this week, especially because it’s still early in his administration. Northey says he was very encouraged by the discussion that took place. “The president clearly understands the importance of a strong agriculture sector in our nation. It’s great news that Secretary Perdue is in place at the U.S. Department of Agriculture and will be a strong supporter of the effort to aid farmers, ranchers, and rural communities,” he says. Northey says the conversation was especially positive regarding items like reducing the regulatory burden on farmers, infrastructure updates, trade, and immigration. Northey, who was at the roundtable, said it’s clear to him that the president understands the need for a reliable workforce for agriculture and is committed to establishing a workable immigration system to fill that need. “My takeaway on trade is the president understands the importance of trade to agriculture and won’t risk undermining the advancements we’ve made in ag trade as they work with our trading partners to address other concerns,” Northey says.

The Creighton University Rural Mainstreet Index remained weak with a reading below growth neutral for the 20th straight month, according to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and energy. Released last week, the index which ranges between 0 and 100, slipped to 44.6 from 45.3 in March. The last time the overall index was at or above growth neutral was August 2015. The farmland and ranchland-price index for April slumped to a frail 30.7 from March’s 33.0. This is the 41st straight month the index has languished below growth neutral. Meanwhile, the April farm equipment-sales index sank to a very weak 21.5 from 22.0 in February, the 44th consecutive month the reading has fallen below growth neutral. Borrowing by farmers soared for April as the loan-volume index advanced to a record 81.6 from last month’s 58.4. And, the confidence index, which reflects expectations for the economy six months out, slipped to 45.6 from 47.5 in March indicating a continued pessimistic outlook among bankers.

An executive order by President Donald Trump creates a panel to look at agricultural issues. Ray Starling, a special assistant to the president on agriculture, says the executive order will sunset the White House Rural Council started under President Barack Obama in 2011. Trump’s White House will then restart a similar inter-agency rural task force to look at legislative, regulatory, or policy issues that hinder economic growth in agriculture, according to DTN-Progressive Farmer. The executive order, signed during a roundtable discussion with farmers and ranchers Tuesday, comes on the same day Agriculture Secretary Sonny Perdue was sworn in. Starling says the new task force will work to promote agriculture, economic development, job growth, infrastructure improvements, technological innovation, energy security, and quality of life in rural America. The task force will be expected to produce a report within 180 days.

Newly minted Agriculture Secretary Sonny Perdue rolled up his sleeves Tuesday morning, getting to work at the Department of Agriculture during an address to USDA employees. Following Senate confirmation Monday, the former Georgia Governor was sworn in Tuesday morning by Supreme Court Associate Justice Clarence Thomas, also from Georgia. Perdue preached transparency, ethics and customer service, before heading to the White House to take part in a farmer roundtable and the signing of an executive order related to agriculture. Perdue will now head to the USDA Service Center in Kansas City, Missouri this week, and take part in a town hall Friday at the American Royal Complex hosted by the Agribusiness Council of Kansas City. Senator Tammy Baldwin of Wisconsin has also asked the Secretary to visit Wisconsin, where dairy farmers are dealing with what they have called “unfair practices” by Canada.

The European Union and the United States could soon be reviving negotiations of the Trans-Atlantic Trade and Investment Partnership agreement. Commerce Secretary Wilbur Ross over the weekend told the Financial Times reducing the trans-Atlantic trade deficit in goods is a top priority. The $146 billion trans-Atlantic trade deficit is only second to China’s $347 billion deficit. Ross was hosting the European Union’s trade commissioner Monday to discuss how to proceed with TTIP talks that were launched under the Obama administration. Politics, negotiations and the United Kingdom vote to leave the EU stalled the talks. But the talks will likely remain stalled as Germany has an upcoming election in September, and Ross said the first priority of the U.S. regarding trade is renegotiating the North American Free Trade Agreement. Ross expects a NAFTA agreement will be reached by mid-2018.