Americas | Support For Cuba Embargo Weakens | Despite President Bush's tough ...
Americas
Support For Cuba Embargo Weakens
Despite President Bush's tough line on Cuba, support for trade sanctions is crumbling in Congress, with anti-Castro activists struggling to preserve an embargo that has lasted more than 40 years. The House in late July approved proposals by two Republican lawmakers that, while leaving the embargo in place, would effectively ease travel and trade restrictions, and the Senate is considering similar changes. If the changes get through Congress, however, pro-embargo lawmakers have a big ally in Bush, who has threatened a veto. The proposals to ease the embargo are part of a Treasury and Postal spending bill, however, and a veto would affect billions of dollars of unrelated programs.
South America Passes U.S. As Top Soybean Producer
Farmers in Brazil and Argentina are teaming up to achieve their goal of surpassing the U.S. as the world leader in soybean production. While South America's crop was expected to surpass U.S. production within the next year or so, weather patterns have accelerated the trend. Now, according to new U.S. government projections, the U.S. will produce a 71 million-ton soybean crop reduced by drought, while the combined Brazil-Argentina crop will come in at about 78 million tons. U.S. farmers worry that while falling production translates into higher prices, plentiful South American supplies will blunt the price increases.
Meanwhile, USMEF Vice President for Trade Development Richard Fritz and Trade Analyst Mike Zerr told Reuters this area will have problems becoming a major exporter of meats. They said the appearance of foot-and-mouth disease in Brazil means most major markets, except Hong Kong and Russia, will not buy its beef or pork and that while Brazil and Argentina might get a short-term benefit in agriculture trade from devalued currencies, "long-term is more a concern, a question-mark" as businesses find it harder to get capital to invest in their industries.