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Farmers Investment Co.(FICO) announced today that the 2019 Sahuarita Pecan Festival is cancelled. 

The annual event, originally scheduled for Nov. 9, has been a Sahuarita tradition for the last 10 years but according to their press release is no longer feasible under the current "global economic conditions."

FICO pointed to the imposition of trade tariffs upon the pecan industry as a major factor in the decision to cancel the event. 

Last year, the industry took a major hit when China, the top purchaser of U.S. pecans, imposed a 47 percent tariff on them. The increase happened incrementally, with China imposing a seven percent increase in 2017, a 15 percent increase in April of last year and an additional 25 percent last July.

The impacts of the increased tariff have been felt by pecan farmers across the nation including Texas, New Mexico and Georgia. 

FICO also cited the "significant expenditure of funds" involved in producing the festival and staff time as factors in the decision. 

The pecan festival averaged about 20,000 guests annually since it began in 2009. 

The Pecan Classic race on Nov. 9 will still occur as scheduled.