1Heat oven to 350°F. In large bowl, beat powdered sugar, butter, cherry liquid, almond extract and food color with electric mixer on medium speed until blended. On low speed, beat in flour and salt. Stir in cherries.
2Shape dough into 1-inch balls. On ungreased cookie sheets, place balls 2 inches apart.
3Bake 8 to 10 minutes or until edges are light golden brown. Remove from cookie sheets to cooling racks. Cool 20 to 30 minutes.
4In 1-quart resealable freezer plastic bag, place baking chips; seal bag. Microwave on High 35 to 50 seconds, squeezing chips in bag every 15 seconds, until chips are melted and smooth. Cut small tip from bottom corner of bag; drizzle melted chips over cookies.