April 7

4/7 – The toughest thing about evaluating the new tariffs is trying to determine whether they are a temporary negotiating tool – or a more permanent revenue-raising strategy. The President is indicting both as tariff goals, so the effects might take a while to play out on a country-by-country basis. Regarding commodity prices, produce will be impacted almost immediately. However, fruits and vegetables covered under the USMCA are exempt from newly imposed tariffs. Cattle imports and pig imports from Mexico and Canada are also still protected under the USMCA. However, beef trimmings from Australia got hit with an additional 10%. Dairy and poultry – domestic industries – could see price weakness as exports falter. Ditto for wheat and corn prices. Soybean oil prices have trended higher as tariffs on China hit used cooking oil imports (for biofuel). Of all proteins, seafood prices will be the most impacted.