The energy market are under pressure from a perfect storm of supply increases, economic anxiety, and evolving geopolitical shifts.

Scott Varilek, Kooima Kooima Varilek, says the panic selling continues as China has hit back with a 34% retaliatory tariff on all U.S. goods and other trading partners are looking at counter measures. “This feels a lot like the COVID market response.”

According to new estimates from the Yale Budget Lab, the tariffs would translate into a 2.3 percentage point increase to overall inflation this year, or about a $3,800 impact for the average household.

Jim McCormick, AgMarket.Net, says the markets saw risk off selling in response to President Trump’s Liberation Day tariff announcement. He says the markets may not stabilize until after the tariffs go into effect April 9 and trading partners tip their hand on retaliation.

Kent Beadle, DTN market analyst, says grain and livestock futures are sharply lower with a knee jerk reaction to the announced tariffs from President Trump on Wednesday.

A rare coalition of oil and biofuel interests met with the Environmental Protection Agency (EPA) on Tuesday to push for significantly higher Renewable Volume Obligations (RVOs).

Tomm Pfitzenmaier, Summit Commodity Brokerage, says grains saw risk off selling and positioning ahead of President Trump’s Liberation Day announcement on tariffs. However, Mexico’s president says they don’t want a tit for tat trade war.

Randy Martinson, Martinson Ag, says grains are not seeing follow through buying after the strong closes on Tuesday as the market is trading tariff fears.

Tommy Grisafi, Nesvick Trading, says grain futures saw risk on buying as traders were adding weather premium but biofuels news was also supportive.

As President Donald Trump prepares to launch a new wave of reciprocal tariffs, House Republican leaders are urging swift passage of their budget to help offset short-term economic pain.