Tariff whiplash is consuming the commodity markets — and the possible impact is stirring up quite the debate. At present, President Donald Trump says he's sticking to his plan to impose additional tariffs on the United States' top three trading partners starting April 2.
In early February, President Trump announced a 25% additional tariff on imports from Canada and Mexico, a 10% additional tariff on imports from China and a 10% tariff on energy resources from Canada.
Those tariffs were scheduled to go into effect in early March. However, President Trump made the decision to exempt goods from Canada and Mexico under the U.S.-Mexico-Canada Agreement (USCMA) from the 25% tariffs for another month.
What we know today is those exemptions for goods from Canada and Mexico covered under USMCA are scheduled to expire on April 2.
As agriculture waits to see what happens, the commodity markets continue to trade headlines and concerns are mounting about possible retaliatory tariffs. Tariff talk is already impacting input prices for farmers heading into spring.
Share Your Thoughts on Tariffs
In light of the ongoing tariff battle, we have two questions for you:
- Do you support President Donald Trump’s use of tariffs as a negotiation strategy?
- Do you believe USDA will compensate farmers for losses if agriculture is affected by a trade war, similar to the compensation provided through the Market Facilitation Program?
NOTE: We appreciate your input. The poll has been closed. Check back on Monday, March 24 for results and analysis.