The Congressional Budget Office is out with new estimates around the President’s tariff plan.
They now say tariffs will reduce the deficit by more than $2 trillion, but the new report comes with a catch. The Office says those savings will be negated by the cost of the President’s “Big, Beautiful Bill,” which is currently in the hands of the Senate. CBO estimates now show that tariffs will save the U.S. around $2.5 trillion over the next decade, along with shrinking the size of the U.S. economy.
The overall tariff rate right now on most countries stand between 10 and 15 percent.
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Tariff refunds are underway, potentially returning billions to importers, as agriculture groups push for a larger role in trade policy and investigations.
Rising global supplies may cap soybean price strength, while sorghum prices hinge heavily on China’s export demand.
Input costs may stay elevated beyond tariff impacts.
Rising costs and prices are shifting acreage toward soybeans. Most fertilizer prices are up double digits from this time last year, with Urea seeing the largest gains.
Shaun Haney with Real Ag Radio joined us to break down the USMCA review and what Canadian producers and exporters should be watching in the months ahead.
Rising fertilizer costs tied to tariffs are tightening margins for U.S. wheat growers, according to new data from the National Association of Wheat Growers.
