Source: POLITICO'S MORNING AGRICULTURE, 5/20/19

Farmers and ranchers are celebrating a string of victories after a week of whiplash that started with Beijing vowing to retaliate for Trump's latest escalation of tariffs on Chinese goods. By Friday, the administration had reached a deal with Mexico and Canada to scrap steel and aluminum duties that have been in place for about a year — easing some of the trade headaches for agriculture and boosting the chances of Congress ratifying the new NAFTA deal.

The good news: With Trump's metal tariffs lifted, U.S. producers will no longer face retaliatory duties from Mexico and Canada on farm goods, bringing some long-sought relief to specific sectors of agriculture. A Purdue University study late last year estimated the economic losses from those tariffs would reach $1.8 billion from reduced food and ag exports.

Some of the biggest beneficiaries of the duties deal are the pork and dairy sectors, which count Mexico as their top export market. National Pork Producers Council President David Herring said Mexico's 20 percent tariff on U.S. pork was set to cost the industry $1.5 billion this year.

Dairy groups said the resolution would restore normalcy to cheese exports, which were hit with duties as high as 25 percent. Meanwhile, Canada's tariffs on more than $12 billion in U.S. products targeted foods including chocolate, ketchup, orange juice and roasted coffee.

A win for beef: Also on Friday, Perdue announced that Japan agreed to lift age restrictions on U.S. beef, our Helena Bottemiller Evichreported . The secretary visited Japan earlier this month for the meeting of G-20 agriculture ministers. USDA estimates the new market access could boost beef exports by $200 million per year.

— But, but, but: Major beef competitors like Australia and New Zealand still have an advantage in terms of lower tariffs, now that the 11-nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership is in effect, without the U.S.

Big picture: The industry still faces a difficult combination of trade challenges, bad weather that has hampered spring planting and broader economic headwinds like low commodity prices, rising debt levels and a five-year decline in farm income. The breakthrough with Mexico and Canada also comes amid escalating tension with China.