Today is the day that many countries around the world have been preparing for. President Trump has laid out the remainder of his tariff plan, with most countries set to see their rates kick in next week on August 7th.
Canada is the only country with the new tariff rate set to kick in today. Through executive order, Trump raised the rate 10 points to 35 percent. This was done through an adjustment of the tariffs laid out in March, on concerns of fentanyl smuggling into the United States. Items covered under USMCA will not be impacted.
Here is where we stand today: A number of countries already have deals in place, like the European Union, Japan, and the UK. Mexican President Gloria Sheinbaum was able to secure a 90-day pause after a phone call with President Trump this week. He calls their situation “different” from other nations and says those negotiations will be handled separately.
Urea and phosphate see the biggest price relief from tariff exemptions, but nitrogen markets remain tight, and spring demand will still dictate pricing momentum.
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Shawn Haney, Host of RealAg Radio on Rural Radio SiriusXM Channel 147, joined us on Tuesday’s Market Day Report with the latest news from Canada impacting the ag sector.
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U.S. Trade officials announced new deals with El Salvador, Guatemala, Ecuador, and Argentina, as well as a steep reduction in tariffs on Swiss imports.
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RealAg Radio host Shaun Haney shares insights from a recent study, discusses EV market access in Canada, and highlights other market opportunities top of mind for Canadian producers.
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