The U.S. Aug. 1 tariff deadline was the topic of discussion on an episode of the Ag Commodity Corner+ Podcast.
Tariff updates were a key market driver. The U.S. confirmed trade agreements with key partners like the EU and South Korea, while others like Canada, Mexico, India, and Australia remained pending.
Notably, tariffs on Canadian goods outside the USMCA increased from 25% to 35%, while Mexico received another 90-day tariff pause.
President Trump also announced 10–50% tariffs on various partners/sectors, with a special 40% transshipment tariff targeting goods rerouted through third countries. T
alks with China in Stockholm hinted at an extension to their tariff pause, set to expire August 12.