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.
Speaking from the Oval Office, Trump justified the tariffs as a response to what he described as excessive migration, drug trafficking and unfair trade practices. While he suggested the tariff rate could further increase, he indicated a decision on whether oil imports would be exempt would come soon.
Robert F. Kennedy Jr., President Trump’s pick to lead the Health and Human Services, is scheduled to appear in front of the Senate twice this week for confirmation hearings.
Throughout the hearing, Lee Zeldin underscored the importance of protecting the environment without hindering economic development. He stated, “We can, and we must, protect our precious environment without suffocating the economy.”
The CR includes nearly $110 billion in disaster and farmer aid, which includes $10 billion in farmer aid and $21 billion ag disaster aid. $2 billion of that disaster aid is specifically for livestock producers. The measure also includes a one-year extension of the 2018 Farm Bill.
The Federal Reserve has four more chances this calendar year to cut interest rates. Since July 2023, the system has kept its benchmark interest rate steady at a 23-year high of 5.25% to 5.5%.
COP28’s decision to not include food and agriculture as a way to meet climate goals was influenced by a request from the G77 group of developing countries for additional review related to agriculture and food.
