Tidbits, Tariffs, Russian Wheat, Crop Conditions, ENSO, Export Inspections 7/8/25
- Wright team
- Jul 8
- 5 min read
Tidbits
In hindsight, Sunday’s CBOT opening was heavily influenced by disappointment that there were no trade deals announced by President Trump Thursday evening despite the number of rain days in the Western Corn Belt declining during the weekend. We expected the weather forecast to provide more support than it did.
Treasury Secretary Scott Bessent said yesterday morning that the Trump administration will announce several trade deals or tariff actions within the next 48 hours, as many countries rush to beat the July 9th deadline. By mid-day, President Trump announced the U.S. will apply 25% tariffs on imported goods from Japan, South Korea, Malaysia and Kazakhstan, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. These nations were the first in what the president promised would be a flurry of unilateral warnings and trade deals announced Monday, two days before agreements are due from trading partners. White House Press Secretary Karoline Leavitt said around a dozen countries would receive notifications on Monday and additional letters will be sent shortly.
President Donald Trump announced an additional 10% tariff on countries aligning with BRICS' "Anti-American policies," amid BRICS' summit in Rio de Janeiro where leaders warned that rising tariffs threaten global trade, criticizing Trump's tariff policies.
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