UK Drops Almond Tariffs and American Trade Deficit Highest in a Year
From the Ag Information Network, this is your Agribusiness Update.
**The Almond Board of California is praising the United Kingdom’s announcement that it will suspend tariffs for at least two years on raw kernel and in-shell almonds.
The tariffs, 4% and 2% respectively, have been in place since the UK left the European Union in 2021.
The Aprill 11 tariff suspension is expected to save UK almond importers about $4 million a year, allowing them to offer a more competitive price.
**The USDA says Corn sales for export were down 21% from the previous week and four-week average.
Japan was the big buyer, followed by Mexico and Colombia.
Wheat sales overall were down 95% week-to-week and 89% on
the four-week average.
But USDA says EXPORTS of wheat rose 27% during the week.
Soybean exports for the week dropped 30%, with China the big buyer, followed by Egypt and the Netherlands.
**In February, America's trade deficit reached $68.9 billion, the highest disparity in almost a year.
The Hill says import values exceeded exports by more than analysts were expecting.
The total value of imports hit nearly $332 billion, while exports were $263 billion.
Republicans on Capitol Hill have expressed frustration with what they call an unambitious trade strategy and inadequate initiatives undertaken by the U.S. Trade Representative.
