The Congressional Sugar Caucus, led by Reps. Garret Graves, R-La., Dan Kildee, D-Mich., and Mike Simpson, R-Idaho, are asking the Agriculture Department and Commerce Department not to increase tariff rate quotas or allow Mexico to export more sugar to the U.S. during the current marketing year.
The European Commission updated its FAQs on the import, purchase and transfer of listed goods related to certain energy-related products to third countries from Russia. The commission said that only some goods shall be allowed to be transferred to third countries to ensure energy security goods, and these include energy products falling under CN codes 4401 (fuel wood) and 4402 (charcoal) and all the items listed in Annex XXII (coal and related products). EU sanctions will not target the trade in agricultural and food products, including wheat and fertilizers, between Russia and third countries, the FAQs said.
The World Trade Organization expects global trade growth to "lose momentum" in the second half of the year and remain tepid in 2023 given multiple shocks to the world economy, the WTO said. Global merchandise trade is now predicted to grow by 3.5% in 2022, but to improve by only 1% in 2023, down from an earlier estimate of 3.4%, the trade body said. The WTO expects import demand to slow given high energy prices stemming from Russia's war in Ukraine and tightening monetary policy in the U.S. that will impact interest-sensitive spending in industries such as housing. Further, China's COVID-19 policy and production disruptions coupled with weak external demand along with "growing import bills for fuels, food and fertilizers could lead to food insecurity and debt distress in developing countries," the WTO said.
The World Trade Organization expects global trade growth to "lose momentum" in the second half of the year and remain tepid in 2023 given multiple shocks to the world economy, the WTO said. Global merchandise trade is now predicted to grow by 3.5% in 2022, but to improve by only 1% in 2023, down from an earlier estimate of 3.4%, the trade body said. The WTO expects import demand to slow given high energy prices stemming from Russia's war in Ukraine and tightening monetary policy in the U.S. that will impact interest-sensitive spending in industries such as housing. Further, China's COVID-19 policy and production disruptions coupled with weak external demand along with "growing import bills for fuels, food and fertilizers could lead to food insecurity and debt distress in developing countries," the WTO said.
The World Trade Organization expects global trade growth to "lose momentum" in the second half of the year and remain tepid in 2023 given multiple shocks to the world economy, the WTO said. Global merchandise trade is now predicted to grow by 3.5% in 2022, but to improve by only 1% in 2023, down from an earlier estimate of 3.4%, the trade body said. The WTO expects import demand to slow given high energy prices stemming from Russia's war in Ukraine and tightening monetary policy in the U.S. that will impact interest-sensitive spending in industries such as housing. Further, China's COVID-19 policy and production disruptions coupled with weak external demand along with "growing import bills for fuels, food and fertilizers could lead to food insecurity and debt distress in developing countries," the WTO said.
Sen. Sheldon Whitehouse, D-R.I., recently suggested that executive action for a carbon border adjustment tax might be more achievable than passing a bill through Congress. Whitehouse, who has sponsored a CBA, was invited to speak at a virtual forum hosted by Bruegel, a European think tank that analyzes the economics of policy questions.
The European Commission updated its Russia sanctions FAQs, releasing a page on the "Import, Purchase & Transfer of Listed Goods." The updated guidance says certain listed goods, including fertilizers, animal feed and various hydrocarbons, can be shipped to third countries. The move is intended to lessen strains on food and energy security given the sanctions on Russia.
China in a Sept. 21 notice imposed quarantine and sanitary requirements on imports of buffalo embryos from Pakistan, the General Administration of Customs announced, according to an unofficial translation. The measures apply to embryos made via in vitro fertilization by collecting oocytes from the live ovaries of water buffalo in the production units registered by China and Pakistan in Pakistan. China said an entry buffalo embryo quarantine permit is required for each batch of buffalo embryos. The customs administration said the farm where the donor animals are located, along with the surrounding 50-kilometer area, must not have rinderpest, bovine spongiform encephalopathy, bovine pleuropneumonia, peste des petits ruminants and bluetongue disease in the past three years. Among other restrictions, China said there must be no sign of infection diseases within the 24 hours before the egg or semen is collected.
The U.K.'s Office of Financial Sanctions Implementation added three questions to its Russia sanctions guidance page. The first asks whether insurers are allowed to insure Russian ships carrying food and fertilizer from Russia and Ukraine to a third country. OFSI said insurers can apply for a license under the food security purpose with OFSI, which allows anything to be done in connection with the distribution of food for the benefit of a country's civilian population. Applying for this license doesn't prevent applicants from also applying under a different purpose in the regulations.
A recent Court of International decision in a countervailing duty case is relevant to a case brought by The Mosaic Co. over the Commerce Department's countervailing duty investigation into phosphate fertilizers from Mexico, CVD respondent OCP told the Court of International Trade. The decision in the past case, also brought by Mosaic, said Commerce reasonably excluded freight, import duties and value-added tax from the tier-three benchmark price for phosphate rock (see 2209020061) (The Mosaic Co. v. U.S., CIT Consol. #21-00116).