Farm Bankruptcies on Rise and New Tariff on Mexican Tomatoes
From the Ag Information Network, this is your Agribusiness Update.
**After a four-year downward trend, U.S. farm bankruptcies are on the rise again, with growing concern the financial health of American farms will continue to falter.
A total of 216 U.S. farms filed for Chapter 12 bankruptcy last year, up 55% from 2023.
California almond grower, Shawn Gill, whose been trying to reorganize his debts under Chapter 12, says he has friends who are in a similar situation.
**House leaders are expected to continue an Ag Committee markup that was tentatively set for last week as big issues remain for the GOP’s massive domestic policy bill.
Republicans are counting on Agriculture and Energy and Commerce to find the bulk of the spending cuts they’re relying on to finance the GOP’s planned tax cuts.
Deep cuts to the Supplemental Nutrition Assistance Program are one of the bigger issues facing the Ag panel.
**The Trump administration plans to put a nearly 21% duty on fresh Mexican tomatoes starting July 14, impacting the 4 billion pounds of tomatoes we import from Mexico each year.
Proponents say the tax would help rebuild the shrinking U.S. tomato industry.
Mexico currently supplies around 70% of U.S. tomato market, up from 30% two decades ago.
Opponents say this will make fresh tomatoes more expensive for U.S. buyers.
