Japan is proposing to remove food products from eligibility for duty-free entry under the Generalized System of Preferences (GSP). This is intended to address two issues while also producing another benefit. Reversal of Trade Japan is proposing to remove food products from eligibility for duty-free entry under the Generalized System of Preferences (GSP). The goal is to lessen the country’s dependence on imported food while improving domestic agricultural productivity. Moreover, the policy shift is expected to contribute toward Japan’s ability to more than double its agricultural exports, including previous suppliers now becoming buyers. It would be called import substitution, except GSP is a voluntary, nonreciprocal donation. Agricultural...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
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