Trade
U.S. Meat Export Federation released a study this week showing pork exports accounted for more than 100 million bushels of soybean demand last year. For corn, 525 million bushels were consumed by the beef and pork exported in 2024.
Russia’s 2024-25 wheat exports are expected total 40.5 MMT.
Mexico’s president said on Tuesday the country will respond to U.S. tariffs with a 25% tariff on U.S. goods, but she will hold off announcing the targeted products until Sunday.
The deal includes two ports that have been under scrutiny as potential avenues for Chinese influence in the operation of the canal.
President Trump’s new tariffs on imports from Canada, Mexico and China have gone into effect. While the economic consequences are unknown, Secretary of Agriculture Brooke Rollins has promised to have a plan ready for farmers, if needed.
China retaliated swiftly on Tuesday with 10% to 15% retaliatory levies impacting $21 billion worth of U.S. agricultural and food products, moving the world’s top two economies a step closer toward an all-out trade war.
Under the direction of Secretary of Agriculture Brooke Rollins, USDA is ready to roll out a number of programs that have been on hold pending review, and she’s pushing Congress to get to work on finishing a new farm bill.
While Canada and Mexico have taken measures to address U.S. concerns, China’s response remains muted, potentially setting the stage for further trade tensions.
U.S. agricultural import and export projections for fiscal year 2025.
President Trump says tariffs on goods from Canada and Mexico will now take effect on April 2, 2025.