President Trump’s tariff delay was welcomed news for some, but Canada’s new Prime Minister warns the situation will hurt American farmers more than theirs.
“Our economy is stronger than the American economy. We do have a better balance sheet than the United States. And we are going to be stronger than the American economy, particularly if the U.S. government continues to pursue these types of policies. We do have opportunities to build this economy. We are looking to expand our trading relationships,” said Mark Carney.
Carney became Canada’s next Prime Minister after winning the Liberal Party’s race last night. During a speech to supporters, he rebuked President Trump’s calls to make Canada the 51st U.S. state.
Not all tariffs were delayed last week. The President signed executive orders delaying tariffs only on items under the USMCA until April 2nd, and this includes both Canada and Mexico. The 10 percent energy tariff on Canada is still in place, but he has taken action on potash imports, lowering that tariff rate to 10 percent, down from 25 percent.
With planting season around the corner, Ag Secretary Brooke Rollins is backing President Trump’s plan, saying, “President Trump’s announcement which includes a reduction of tariffs on potash not already covered under the USMCA from 25% to 10% is a critical step in helping farmers manage and secure key input costs at the height of planting season while reinforcing long-term agricultural trade relations.”
Shaun Haney joined RFD News to discuss the potential impact of the Trump-Xi summit uncertainty, ongoing agricultural trade talks, and why geopolitical developments could carry important implications for farmers and global commodity markets.
