Brazilian orange juice producer Cutrale has suspended exports of orange juice concentrate from Brazil to the United States, Brazilian newspaper Valor Economico reported on Monday, as a new tax on exports has eroded its profits. The Brazilian tax on exported juice concentrate has impacted the profit margins for shipments from Brazil, the world's largest orange juice exporter. Cutrale, which supplies Coca-Cola orange juice brands such as Minute Maid and Simply Orange, is looking to export from Mexico, the paper said, citing unnamed sources.
The European Union has agreed to a partial truce with the United States in a dispute over metal tariffs imposed by former president Donald Trump and to start discussions on global overcapacity and China's "trade-distorting" policies. The European Commission, which oversees EU trade policy, said on Monday it would suspend a planned hike of retaliatory tariffs for up to six months.