New tariffs were announced overnight against Canada. In a letter to Prime Minister Mark Carney, President Trump expressed concerns in several areas, including dairy trade.
Canada now faces a 35 percent tariff on all goods entering the United States, beginning August 1st. The rate will be on top of the other sector-based duties.
President Trump says Canada still has large barriers for U.S. dairy products, warning that some dairy farmers cannot even enter the Canadian market. He calls the imbalance a threat to national security.
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One trader said the products entering the U.S. are primarily grind and trim, noting that the volume and type of beef, on its own, should not cause a major disruption. However, he says fund traders are reacting heavily to headlines rather than market realities.
