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- CEO warns high diesel costs could trigger a ‘vicious cycle’ of surgi...
Record-high diesel prices are squeezing American farmers during harvest season, raising the risk that higher production costs could eventually hit consumers at the grocery store.Pivot Bio CEO Chris Abbott joined FOX Business’ Taylor Riggs on "Mornings with FOX Business" to discuss how rising diesel and fertilizer costs are pressuring farmers and threatening to push food prices higher.Diesel prices have climbed to a national average of $6.51 per gallon as global supply disruptions tied to conflicts in Iran and Ukraine strain fuel markets. U.S. farmers depend heavily on diesel to run tractors, combines and other equipment, making the surge particularly painful during harvest season.NATIONAL AVERAGE PRICE FOR DIESEL HITS NEW RECORD HIGH AMID IRAN CONFLICT"If you think about the ripple effect of that, higher diesel and input costs mean the marginal acre may come out of production or the marginal investment doesn't happen. And so you get lower yield. When you get a lower yield, you get [a] higher price. So it can be a vicious cycle as input costs rise very quickly," Abbott said.Abbott said stronger corn prices could encourage higher productivity and help soften the blow, but he warned the pressure may not disappear quickly."We certainly look like we're facing higher food prices and higher protein prices for at least a year or so to come," he said.PETER SCHIFF PREDICTS ECONOMIC 'DOWNTURN,' HIGHER OIL PRICES: 'I DON'T THINK IT'S OVER'The fuel crunch is hitting an agricultural sector already facing elevated input costs. Abbott said fertilizer prices are also moving higher as growers begin making purchases for 2027, adding another layer of uncertainty for farm budgets."There's no other solution for our farmers in the United States… We must get the cost of farming and the volatility down, full stop. You cannot argue that," Abbott said. "And so you need new technology. You need new support programs for growers to adopt innovation, to take that cost down."A FRESH MIDTERM HEADACHE FOR THE GOP JUST HIT A NATIONAL RECORDAbbott also expressed skepticism that short-term restrictions on diesel exports would solve the underlying problem, arguing that fuel operates in a global market and temporary supply controls would do little to address the structural pressures facing producers.GET FOX BUSINESS ON THE GO BY CLICKING HERE [TheTopNews] Read More.9 hours ago - A Weary Hollywood Celebrates the Prospect of Federal Funding
In response to an exodus of movie and TV production, a bill is being introduced in Congress that would use tax credits to subsidize filming in the United States. [TheTopNews] Read More.9 hours ago - Canadian business leader warns trade uncertainty risks ‘capital chill̵...Canada's push to expand its economic relationships around the world should not be mistaken for a retreat from the U.S., a leading Canadian business voice told FOX Business, warning that continued uncertainty over North American trade risks creating a "capital chill" that could weigh on investment.Goldy Hyder, president and CEO of the Business Council of Canada, said Canadian companies continue to view the U.S. as their most important market even as Prime Minister Mark Carney's government accelerates efforts to attract investment and expand trade with Europe and other markets."Even a kid with a lemonade stand would know, it's not good for business to just have one customer," Hyder said, describing Canada's approach as a "U.S. Plus" strategy."The United States is and will be our most important trading partner," he added.The push comes amid a sharp deterioration in the trading relationship between the longtime allies. Nearly 68% of Canadian exports have gone to the U.S. this year, with roughly 80% of those shipments moving duty-free under exemptions provided by the U.S.-Mexico-Canada Agreement, according to Canadian and U.S. government data cited by Reuters.WHAT ARE THE MAIN STICKING POINTS IN THE TRUMP ADMIN'S TRADE NEGOTIATIONS WITH CANADA, MEXICO?Washington and Ottawa have exchanged new trade restrictions in recent weeks after negotiations broke down, adding uncertainty over the future of USMCA. The agreement remains in force, although the U.S. declined to renew it in its current form during a July review and has continued negotiations with its North American partners."Business does not welcome uncertainty, it shuns uncertainty, and there's too much of that," Hyder said.EU OPENS DOOR TO UNPRECEDENTED ‘ASSOCIATE MEMBER’ STATUS FOR CANADA AMID US TRADE SPAT"The key here is the uncertainty can create capital chill, it will create hesitancy because we just can't be sure the environment in which we're dealing."That concern is shared by the U.S. Chamber of Commerce, which is urging all three governments to quickly resolve the issue."For businesses and investors, it is essential to restore certainty to a North American economic partnership on which 13 million U.S. jobs depend," Neil Herrington, the Chamber's senior vice president for the Americas, told FOX Business.Herrington said the Chamber wants the process concluded in a way that eliminates tariffs and broader trade restrictions while ensuring the relationship "remains trilateral."Carney, meanwhile, is attempting to position Canada as a more diversified destination for global capital. His government has set a goal of helping catalyze 1… [TheTopNews] Read More.10 hours ago
- White House Still Bars CNN, MS NOW and Politico Despite Court Blocking Trump’s...CNN and MS NOW said their correspondents have been allowed back onto the White House grounds after they were denied access. A federal court ordered President Trump to reverse his ban on the three news outlets. [TheTopNews] Read More.10 hours ago
- Bond Markets Are Volatile and Oil Prices RiseThe rise came a day after a sharp sell-off in government debt. [TheTopNews] Read More.11 hours ago
- NBC, CBS and More TV Networks Didn’t Film Xi’s Arrival Amid Trump’s Press ...The White House TV pool has suspended its coverage of President Trump since he banned CNN, MS NOW and Politico from the White House. [TheTopNews] Read More.11 hours ago
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