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.
Lyndsey Smith with Real Ag Radio joined RFD-TV to share a Canadian perspective on the discussions.
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The government shutdown has touched nearly every sector of the ag industry since it began, and now impacts are spilling over into dairy.
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With China halting U.S. soybean purchases and talks tied to broader strategic issues, growers face renewed export uncertainty.
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Talks highlight the widening role of agriculture in U.S.–India trade policy, though neither side appears ready for major concessions before tariff issues and oil imports are resolved.
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In a statement provided to RFD-TV News, a USDA spokesperson reiterated President Trump and the USDA’s commitment to farmers in difficult economic times.
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China is not one of our top suppliers of cooking oil, according to USDA ERS data, but does export a lot of used cooking oil to the U.S. for biofuel production.
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