USTR Meets with U.K. Counterpart and Fuel Prices Up
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**U.S. Trade Representative Katherine Tai met with her counterpart in the United Kingdom last week as part of the second U.S.-UK trade dialogue.
While not official trade negotiations, the dialogues focus on the future of trade between the two countries.
The trade officials agreed to build resilience in supply chains, address the global trade impacts of Russia's invasion of Ukraine, and promote environmental protection, among other topics.
**The Ukraine-Russia war has reignited speculation that globalization is coming to an end, and markets should prepare to turn inward to deal with disrupted supply lines and geopolitical challenges that will undoubtedly have long-lasting implications.
However, according to a new Quarterly report from CoBank's Knowledge Exchange, an unwinding of global supply chains and world markets is unlikely to be one of them.
Grain markets could remain volatile for two or more years due to disruptions in planting, harvesting, input application and transportation.
**Fuel prices increased last week for the first time in more than a month.
The price of gas climbed 4.4 cents from a week ago to a national average of $4.11 per gallon.
The national average is down 13.3 cents from a month ago and $1.24 higher than a year ago.
Meanwhile, the national average for diesel increased 4.6 cents over last week and stands at $5.07 per gallon.
