Trade Talk: Tariffs and Global Update

Recent changes in the trade tariffs continue to influence agriculture markets and export opportunities. This update will provide a summary of current developments that affect Illinois corn farmers. IL Corn is closely monitoring the changes and their potential impacts on market access, input costs, and farmer profitability.

Tariff Developments

• The U.S. announced a temporary 90-day pause on certain tariffs, referred as the “Liberation Day” tariffs.
• In response, China announced new retaliatory tariffs on select U.S. products.
• The U.S. also implemented an across-the-board 10% import tax on wide range of goods.

Global Update

• The U.S. Department of Agriculture (USDA) recently announced a WASDE visualization tool, which provides a better understanding of global supply and demand over time.
• According to the latest WASDE report, domestic demand for U.S. corn remains relatively flat.
  

* FSI = food/seed/industrial uses

IL Corn will continue to track tariff development and global market trends that may affect Illinois corn farmers. We are committed to keeping you informed with relevant information as changes occur.