Imports and Exports
USMEF and Soy Transportation Coalition leaders were among those weighing in on the decision, which could have cost U.S. farmers and ranchers an estimated $1.4 billion a week.
Reuters reports that the union representing 45,000 dock workers on the U.S. East and Gulf Coasts and their employers reached a tentative deal on a new six-year contract.
“I know people are concerned about the tariffs, but the fact is, [Trump] looks at tariffs as a way to get their attention and eventually to get better and reciprocal trade agreements,” says Terry Branstad.
As federal policy decisions tend to heavily impact rural industries, the outcome of the 2024 election promises to significantly shape the rural economy in the year ahead. CoBank’s annual report outlines what to expect.
Trump said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.
The question becomes whether threats of tariffs include barring used cooking oil imports outright or merely tariffing the product, especially from China.
Tariffs, while disruptive, are often used as leverage in trade disputes and contribute to market volatility.
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DuWayne Bosse of Bolt Marketing says pressure in grains is coming from a higher dollar, lower crude oil, Trump’s political appointments and weather.
Jerry Gulke, president of the Gulke Group, says the election might have brought about a paradigm shift in the approach to agricultural policies.