The National Grain and Feed Association (NGFA) welcomed Treasury Secretary Scott Bessent's announcement that the Busan Truce has been extended through Jan. 10, 2027, including the continued suspension of Section 301 shipping fees.
NGFA previously raised concerns about the potential impact of Section 301 fees on U.S. agricultural export competitiveness, particularly amid uncertainty surrounding the timing and rules for implementation.
The association said the extension comes at a critical time for U.S. agricultural exports and provides continued relief from shipping fees that could affect the competitiveness of American grain and feed products in global markets.
NGFA expressed support for President Donald Trump's goal of rebuilding U.S. shipbuilding capacity and thanked the administration for its efforts to extend the truce. The association also encouraged continued discussions toward a further suspension of the fees to support U.S. agricultural export competitiveness.
Source: National Grain and Feed Association, "NGFA applauds continued suspension of 301 shipping fees"