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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, April 24, 2024
Drought, low prices, supply chain disruptions have been plaguing California’s walnut farmers for years and a heat wave during last year’s harvest scorched the state’s groves, but ideal weather so far this year has the sector optimistic that growers are going to see their fortunes change.
People in some of the poorest and hungriest nations in the world may be the hardest hit by India’s decision last month to ban exports of long grain, non-basmati rice – a move that’s already pushing global prices higher and forcing import-dependent countries to scramble to find supplies, according to analysts and trade data.
India says its latest ban on rice exports is an effort to fight domestic food inflation, but the U.S. rice sector says the measure will add large quantities of cheap grain to the international market and push down prices that American farmers get for their crop.
India marked Prime Minister Narendra Modi’s visit to the White House and Capitol Hill by agreeing to cut tariffs that it imposed on some U.S. farm goods five years ago in retaliation for U.S. tariffs on Indian steel and aluminum imports, the Office of the U.S. Trade Representative said Thursday.
The U.S. Apple Association’s board of directors sat down with Biden administration officials last week to plead their case for their farmers. India’s crushing tariffs were a primary focus.
If India can keep on track for using more and more ethanol in gasoline, the country could well blend its way into needing U.S. imports, opening up major new trading opportunities with the second-most populous nation in the world.
The potential for increased trade with India is substantial, but the country has refused to commit to the trade pillar of the Indo-Pacific Economic Framework and some in the U.S. ag sector are pessimistic about changing the country’s direction.
India, an international ag trading powerhouse that often comes into friction with the U.S. over tariff and nontariff barriers, is the only Indo-Pacific Economic Framework country out of 14 not participating in the pact’s trade pillar after a major summit held in Los Angeles this week, according to government officials.
A broad coalition of countries is making a last-minute push to change World Trade Organization rules and allow governments to increase farm subsidies and accumulate massive stocks of grain that can be dumped into the global market.
President Joe Biden announced Monday from Tokyo the official launch of his Indo-Pacific Economic Framework, or IPEF, that will so far include Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
