What's New

The “Liberation Day” tariffs proposed by the United States on April 2 included a blanket 10% increase for countries with which the U.S. runs bilateral trade surpluses or small deficits, and a range of higher tariffs for 56 economies with which the U.S. runs sizeable trade deficits (excluding Canada and Mexico as partners in the U.S-Canada-Mexico free trade agreement; and Cuba, Russia and North Korea).

The FAO Food Price Index rose 1 percent in April, driven by increasing cereal, dairy, and meat price. While the Index was 7.6 percent higher than its April 2024 level, it remains nearly 20 percent lower than the record reached in March 2022.

The FAO Food Price Index remained stable in March, with falling cereal and sugar prices balancing rising meat and vegetable oil prices. The Index was almost 7 percent higher than its March 2024 level but still remains significantly below March 2022 levels.

First in a blog series examining the potential consequences of the newly proposed U.S. tariffs for global agrifood trade.

Fertilizer prices experienced a significant surge in 2021, driven by the post-COVID 19 global economic recovery. Russia’s February 2022 invasion of Ukraine propelled prices even higher. Broad economic sanctions on key fertilizer exporters Russia and Belarus exempted agricultural products but triggered further economic disruptions. Overall, the conflict heightened market uncertainties regarding the availability of potash, phosphate, and nitrogen-based fertilizers in international trade.