Corn, soybean, and wheat futures all plunged in overnight trading after President Trump said the U.S. would impose tariffs on several trading partners. The president said at an event at the White House Rose Garden that the U.S. would put a 54% tariff on goods imported from China, the world’s largest buyer of soybeans, which will take effect on April 9. Tariffs were imposed on many countries including a 24% levy on goods from Japan, 36% on items from Thailand, and 20% on products from the UK. Canadian and Mexican goods will still face 25% tariffs. China said it “firmly opposes” the sweeping duties and will take “resolute countermeasures” to counteract the sweeping duties. The European Union, which faces 20% levies on its products, is preparing additional tariffs of its own on U.S. products and Canada said it will unveil countermeasures today. Corn futures dropped 8¢ to $4.49¾ a bushel.
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