I want to focus on trade today. From agriculture’s perspective, it is extremely important. 25% of ag income comes from products sold to other countries. Production from 1 out of every 3 acres is exported. Agriculture has a positive trade balance of more than $30 billion. As positive as our ag trade balance is, total U.S. trade is running a massive trade deficit – roughly $700 billion. Trump has already rejected the Trans Pacific Partnership trade agreement. He wants bilateral agreements with individual countries. My first question is – what trading partners are pushing up this huge imbalance? Answer – China gets the prize. Half of the deficit is because of Chinese trade. Then, we can blame the EU for 20%; Japan for 9%; Mexico for 8%; and Canada for a tiny 2%. Other countries in the world make up the rest.