New Fee on Ocean Carriers from China and EU Delays Retaliatory Tariffs
From the Ag Information Network, this is your Agribusiness Update.
**President Trump signed an executive order to increase domestic production of critical minerals, including potash.
The president directed federal agencies to compile lists of pending mineral projects and expedite their review in coordination with the National Energy Dominance Council.
The president also directed the Interior Secretary to prioritize critical mineral production on federal lands over other activities.
The U.S. Geological Survey says America imported 91 percent of its potash in 2023.
**A proposal from the U.S. Trade Representative to impose new fees on ocean carriers with ties to China could take a major toll on U.S. farmers and ranchers.
Two-thirds of all agriculture exports by volume are shipped overseas, and the cost of transporting exports to international trading partners could increase dramatically.
An American Farm Bureau report says bulk ag exporters could face an additional $372 to $930 million in annual transportation costs.
**The European Union delayed its first round of retaliatory tariffs until mid-April.
The EU originally planned to lift a suspension on previously installed retaliatory tariffs on April 1.
That would have been in response to America’s 25% duties on steel and aluminum imports.
An EU spokesman says this delay provides additional time for more negotiations with the U.S.
The delayed duties cover 26 billion euros worth of American exports, including bourbon.
