Trump recently signed three executive orders imposing tariffs on Canada, Mexico and China. This marks the first time a president has used powers granted under the International Emergency Economic Powers Act of 1977.

Just hours before the tariffs were set to take effect, Mexican President Claudia Sheinbaum announced the news on X, and President Donald Trump later confirmed. Mexico is the top destination for U.S. ag exports. The announcement from Canada came later on Monday.

As we venture further into 2025, the dairy industry faces significant challenges and opportunities. Phil Plourd, the President of Ever.Ag Insights, highlights three pivotal stories shaping the market landscape this year: exports, milk production growth and consumer demand.

Following President Trump’s decision to impose 25% tariffs on Canada and Mexico, Canada announced its own 25% tariffs on $155 billion worth of U.S. imports. Mexico also announced its own retaliatory measures, but no specifics were unveiled as of Sunday morning.

U.S. farmers and various trade groups are very apprehensive about not only the potential negative impacts of tariffs on the U.S. ag sector, but what they do to garner new trade agreements.

Ramped up conversations around possible 25% tariffs on Mexico and Canada plus 10% tariffs on Chinese goods sent the cheese market sharply lower last night and weakness continued through today’s session.