Trump sharply raised tariffs on goods from China, Canada and Mexico, which caused stock market prices for corn and soybeans to collapse

US President Donald Trump has increased tariffs on Chinese goods from 10% to 20%, citing “the failure of the Chinese authorities to take action to reduce the continued flow of synthetic opioids, including fentanyl.” He also announced the introduction of a 25% tariff on Canadian and Mexican goods starting March 4 and the introduction of tariffs on all imported agricultural products starting April 2. “Big farmers need to produce more agricultural products to sell inside the United States. Tariffs on foreign products will take effect on April 2. Have fun!” Trump said. The markets reacted to this with a fall in US stock indices by 1.5-2.6% and a decrease in prices for corn and soybeans, which will be the first to suffer from the introduction of mirror duties by importers. On the Chicago Board of Trade, March corn futures fell 3.1% yesterday to $173.3/t (-12.5% for the month), and soybean futures fell 1.4% to $366.8/t (-7.7%). In 2024, the United States exported 30 million tons of ...