About a month ago we discussed the Tariffs that were going to arrive in 30 days. Read the blog HERE. Here we are 30 days later and there was no change in the policy so the tariffs have been enacted. What is new is that the US has order an increase in the Chinese tariffs and now retaliatory tariffs were announced from all 3 of our largest trading partners.
Canada announced tariffs coming over the next 21 days. Mexico announced that they will respond with retaliatory tariffs as well, the specifics of those will be announced this weekend. China has announced up to 15% tariffs that begin March 10th on a wide variety of US farm exports which include chicken, wheat, corn, and cotton.
It would appear that a trade war is beginning in earnest and the stock market has reacted negatively to the recent announcements, down about 2% this morning as the retaliatory tariffs were announced. We discussed the possibility of tariffs in a podcast with Greg Carlson about a month ago and I think it’s still worth a listen. Listen to the podcast HERE.
I expect there to be many twists and turns with tariffs before any trade deals are reached. Stay tuned for the latest news and if you want to discuss your specific situation with a Boyum advisor to manage your business exposure and react accordingly to these tariffs please reach out.