The market for commodities like corn and soybeans has taken a downturn in anticipation of retaliation from the two countries.
RICHFIELD TOWNSHIP, Mich. (WJRT) – Mid-Michigan farmers are already feeling the effects of tariffs on Canada and Mexico.
A new 25% tariff imposed on goods from the two countries went into effect Tuesday morning, with the commodities market taking a downturn in anticipation of retaliation from the two countries.
Bill Hunt with Hunt Farms in Richfield Township says the concern is not just with the tariffs, which currently only apply to imports, but with the larger unpredictability that they have created in the market.
“We’ve got some serious issues already in agriculture,” he said. “We’ve got agriculture suffering from too low prices to start with and now when you throw the tariffs in, it’s like getting kicked twice.”
Hunt says in the last two weeks, the price for corn has …
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