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Australia’s dairy farmers are on the brink. Hit by catastrophic weather extremes—crippling drought in the south and floods in the east—the sector is confronting what industry leaders are calling an existential threat. And now, they want Canberra and the states to do more than offer sympathy.

The latest trade tariffs imposed by the US, targeting key global dairy-producing regions, are set to reshape international dairy markets, impacting the European Union, China, Australia, New Zealand, and India.

The year 2024 reinforced the trends of recent years in the global market. Events over the past year highlighted the resilience of key players in the dairy industry, a strengthening trend toward specialization, industry consolidation, pressures from environmental groups and major investors, and a continuing dependency on the global geopolitical climate.

Donald Trump secured a historic return to the White House, winning key battleground states and reclaiming the presidency in a “red wave” victory over Democratic challenger Kamala Harris.

Rising Butter Costs Compound Challenges for Bakers Already Grappling with Surging Chocolate and Sugar Prices