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close video Mexico ban on genetically modified corn could ‘corn-er’ the US market

FOX Business’ Madison Alworth speaks to Hinkel Farms’ Elizabeth Hinkel, who warns their corn crop faces a shortage risk over a proposed regulation.

A regulatory move within Mexico’s agricultural sector has U.S. farmers concerned it will "corn-er" their corn crop production.

"Most farmers, my generation and younger, have never even used conventional corn. We're not set up to do it. We don't have the equipment to do it," Hinkel Farms' Elizabeth Hinkel told FOX Business’ Madison Alworth on "Mornings with Maria" Tuesday. "So it would be a huge investment if we had to go back to growing conventional. And on top of that, our yields would be decreased."

American farmers are headed to Capitol Hill to voice concerns about Mexico’s proposed ban on U.S. imports of genetically modified corn, reportedly warning the move could become the most catastrophic thing to happen to corn farmers.

Mexico represents America’s biggest buyer of corn, purchasing more than $10 billion worth of yellow and white U.S. corn last season alone.

FLORIDA ORANGE GROWERS STRUGGLE TO KEEP JUICE ON TABLES AFTER ‘UNPRECEDENTED SETBACKS’ SQUEEZE INDUSTRY

"Even though here in Pennsylvania, our corn stays fairly local, our price is still determined by the board," Hinkel explained. "So if that price goes down, it's going to affect farmers all over the United States, no matter where their corn is being sold."

Mexico’s proposed ban on genetically modified corn will “affect farmers all over the United States,” Hinkel Farms’ Elizabeth Hinkel said on “Mornings with Maria” Tuesday, January 31, 2023. (Getty Images)

Farmers remain husky about Mexico’s GMO ban as they fear it’ll hit their bottom line.

"I just can't even picture in my mind what this is going to do," Hinkel said. "It's farmers from one end of the United States to the other. It doesn't matter where you sell it or what it's used for, it's going to have an effect."

With the ban set to take effect in 2024, Mexico has claimed that the regulation would help increase its own domestic production. Last week, U.S. trade representative Jayme White met with Mexico’s Under Secretary of Economy for Foreign Trade Alejandro Encinas to further discuss the GMO decision and the countries’ future relations.

Mexico purchased more than $10 billion worth of U.S. corn in the 2022 season. (Getty Images)

Following the meeting, the USDA released this statement: "Mexico's proposed approach, which is not grounded in science, still threatens to disrupt billions of dollars in bilateral agricultural trade, cause serious economic harm to U.S. farmers and Mexican livestock producers, and stifle important innovations needed to help producers respond to pressing climate and food security challenges."

A fifth-generation Nebraska corn farmer, who mainly grows white corn for Mexican consumption, noted he wouldn’t switch to growing non-GMO corn due to environmental and financial consequences.

GET FOX BUSINESS ON THE GO BY CLICKING HERE close video Do you know how many grocery store items contain corn?

Host Mike Rowe showcases grocery store items containing corn and the men and women keeping this prevalent ingredient in regular supply on How America Works.

"Our destinies are tied together. They need us as much as we need them," Nebraska Corn Growers Association Chairman Andy Jobman also told Alworth on Tuesday. "And so we really need to come to the table and just resolve this issue and allow GMO corn to continue going into Mexico."

As Mexico prepares for the potential ban, the country, in the meantime, has passed regulation that discourages exports, including a 50% tariff on any white corn leaving the nation.

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Trump warns Hamas – and claims Israel has agreed to 60-day ceasefire in Gaza

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Trump warns Hamas - and claims Israel has agreed to 60-day ceasefire in Gaza

Analysis: Many unanswered questions remain

In the long Gaza war, this is a significant moment.

For the people of Gaza, for the hostages and their families – this could be the moment it ends. But we have been here before, so many times.

The key question – will Hamas accept what Israel has agreed to: a 60-day ceasefire?

At the weekend, a source at the heart of the negotiations told me: “Both Hamas and Israel are refusing to budge from their position – Hamas wants the ceasefire to last until a permanent agreement is reached. Israel is opposed to this. At this point only President Trump can break this deadlock.”

The source added: “Unless Trump pushes, we are in a stalemate.”

The problem is that the announcement made now by Donald Trump – which is his social-media-summarised version of whatever Israel has actually agreed to – may just amount to Israel’s already-established position.

We don’t know the details and conditions attached to Israel’s proposals.

Would Israeli troops withdraw from Gaza? Totally? Or partially? How many Palestinian prisoners would they agree to release from Israel’s jails? And why only 60 days? Why not a total ceasefire? What are they asking of Hamas in return? We just don’t know the answers to any of these questions, except one.

We do know why Israel wants a 60-day ceasefire, not a permanent one. It’s all about domestic politics.

If Israeli Prime Minister Benjamin Netanyahu was to agree now to a permanent ceasefire, the extreme right-wingers in his coalition would collapse his government.

Itamar Ben-Gvir and Bezalel Smotrich have both been clear about their desire for the war to continue. They hold the balance of power in Mr Netanyahu’s coalition.

If Mr Netanyahu instead agrees to just 60 days – which domestically he can sell as just a pause – then that may placate the extreme right-wingers for a few weeks until the Israeli parliament, the Knesset, is adjourned for the summer.

It is also no coincidence that the US president has called for Mr Netanyahu’s corruption trial to be scrapped.

Without the prospect of jail, Mr Netanyahu might be more willing to quit the war safe in the knowledge that focus will not shift immediately to his own political and legal vulnerability.

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UK

The PM faced down his party on welfare and lost. I suspect things may only get worse

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The PM faced down his party on welfare and lost. I suspect things may only get worse

So much for an end to chaos and sticking plaster politics.

Yesterday, Sir Keir Starmer abandoned his flagship welfare reforms at the eleventh hour – hectic scenes in the House of Commons that left onlookers aghast.

Facing possible defeat on his welfare bill, the PM folded in a last-minute climbdown to save his skin.

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Welfare bill passes second reading

The decision was so rushed that some government insiders didn’t even know it was coming – as the deputy PM, deployed as a negotiator, scrambled to save the bill or how much it would cost.

“Too early to answer, it’s moved at a really fast pace,” said one.

The changes were enough to whittle back the rebellion to 49 MPs as the prime minister prevailed, but this was a pyrrhic victory.

Sir Keir lost the argument with his own backbenchers over his flagship welfare reforms, as they roundly rejected his proposed cuts to disability benefits for existing claimants or future ones, without a proper review of the entire personal independence payment (PIP) system first.

PM wins key welfare vote – follow latest

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Welfare bill blows ‘black hole’ in chancellor’s accounts

That in turn has blown a hole in the public finances, as billions of planned welfare savings are shelved.

Chancellor Rachel Reeves now faces the prospect of having to find £5bn.

As for the politics, the prime minister has – to use a war analogy – spilled an awful lot of blood for little reward.

He has faced down his MPs and he has lost.

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‘Lessons to learn’, says Kendall

They will be emboldened from this and – as some of those close to him admit – will find it even harder to govern.

After the vote, in central lobby, MPs were already saying that the government should regard this as a reset moment for relations between No 10 and the party.

The prime minister always said during the election that he would put country first and party second – and yet, less than a year into office, he finds himself pinned back by his party and blocked from making what he sees are necessary reforms.

I suspect it will only get worse. When I asked two of the rebel MPs how they expected the government to cover off the losses in welfare savings, Rachael Maskell, a leading rebel, suggested the government introduce welfare taxes.

Meanwhile, Work and Pensions Select Committee chair Debbie Abrahams told me “fiscal rules are not natural laws” – suggesting the chancellor could perhaps borrow more to fund public spending.

Read more:
How did your MP vote?
Welfare cuts branded ‘Dickensian’

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Should the govt slash the welfare budget?

These of course are both things that Ms Reeves has ruled out.

But the lesson MPs will take from this climbdown is that – if they push hard in enough and in big enough numbers – the government will give ground.

The fallout for now is that any serious cuts to welfare – something the PM says is absolutely necessary – are stalled for the time being, with the Stephen Timms review into PIP not reporting back until November 2026.

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Tearful MP urges govt to reconsider

Had the government done this differently and reviewed the system before trying to impose the cuts – a process only done ahead of the Spring Statement in order to help the chancellor fix her fiscal black hole – they may have had more success.

Those close to the PM say he wants to deliver on the mandate the country gave him in last year’s election, and point out that Sir Keir Starmer is often underestimated – first as party leader and now as prime minister.

But on this occasion, he underestimated his own MPs.

His job was already difficult enough – and after this it will be even harder still.

If he can’t govern his party, he can’t deliver change he promised.

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Politics

US sanctions crypto wallet tied to ransomware, infostealer host

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US sanctions crypto wallet tied to ransomware, infostealer host

US sanctions crypto wallet tied to ransomware, infostealer host

The US Treasury has sanctioned a crypto wallet containing $350,000 tied to the alleged cybercrime hosting service Aeza Group.

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