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Trump threatens 100pc tariff on Canada
Trump threatens 100pc tariff on Canada
Washington, 24 January (Argus) — President Donald Trump on Saturday threatened to impose a 100pc tariff on imports from Canada if Ottawa concludes a trade deal with Beijing. The trade deal, announced during Canadian prime minister Mark Carney's meeting with Chinese president Xi Jinping in Beijing on 16 January, involves China cutting combined tariffs on canola imports from Canada to 15pc by 1 March, and Canada allowing 49,000 electric vehicle imports a year from China at the most-favored-nation tariff of 6.1pc. Trump at the time said that "it's a good thing for (Carney) to sign a trade deal," adding that "if you can get a deal with China, you should do that." But Trump has changed his tune, writing on Saturday in a social media post, "If Governor (sic) Carney thinks he is going to make Canada a 'Drop Off Port' for China to send goods and products into the United States, he is sorely mistaken." The White House has not released any executive order backing Trump's Canada tariff threat, nor did it immediately explain which Canada-China trade deal he referenced. Trump's latest tariff follows an exchange of barbs that began at the World Economic Forum in Davos, Switzerland, earlier this week. In a 20 January address to the forum, Carney — without mentioning Trump by name — issued a rebuke of Trump's aggressive global trade and military policy. Carney called on European countries to join Canada in finding alternatives to economic, trade and political alliances centered around Washington. Trump, addressing Davos a day later, shot back at Carney. "Canada lives because of the United States," Trump said. "Remember that, Mark, the next time you make your statements." Speaking during a visit to Qatar on Friday, Carney replied: "Canada doesn't live because of the United States. Canada thrives because we are Canadian." Trump is scheduled to visit Beijing in April for a meeting with Xi to discuss a possible US-China trade deal. US imports from Canada have been subject to a 35pc tariff since August, with separate duties on imported cars, auto parts, steel and aluminum. In practice, imports from Canada are taxed at the lowest rates among the top US trading partners, because the bulk of trade is exempted from tariffs under the terms of the US-Mexico-Canada free trade agreement. Energy commodities are also exempted from Trump's existing tariffs. Trump's ability to quickly levy tariffs on Canada and other trading partners is under review at the US Supreme Court, which is expected to issue a ruling soon. Trump's administration has not issued major tariff decisions in recent months, despite Trump's threats to do so. Trump earlier this month threatened to impose a 25pc tariff on US imports from countries doing business with Iran, but no decision has been made. Trump on 17 January threatened to impose a 10pc tariff on imports from the UK and seven EU members, which pushed back against his bid to annex Denmark's Greenland territory. Trump on 21 January withdrew that tariff threat after a slide in US stock and financial markets. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Canada wheat exports resume record pace
Canada wheat exports resume record pace
Houston, 23 January (Argus) — Canadian wheat exports rebounded from the previous week's slump, reaching a record level for the given week of the marketing year. Canadian trading firms exported nearly 547,000t of soft wheat during the week ending 18 January, bringing total exports for the ongoing 2025-26 season (August-July) to just under 10.9mn t, and maintaining the highest reported export pace for the marketing year, according to Canadian Grains Commission data. The rapid pace lifted wheat exports 12pc above the 9.7mn t reached by the 24th week of the 2024-25 marketing year. Canada wheat exports have averaged 454,000 t/week since the 3 August start of the marketing year data, an unprecedented level. If exports continue at their current pace, Canada could export a cumulative 12.8mn t by mid-February. Wheat exports for the week ending 18 January were 176,000t above the historical average for the same week in the previous five years. The most recent week's data marks a rebound in Canada's wheat exports , which had slowed in the previous two weeks to an average pace of 250,000t/week, well below the five-year average for the period of 420,000t/week. By Thompson Corpus Canada's cumulative wheat weekly exports mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Drought starting to hit Argentina's corn, soy crop
Drought starting to hit Argentina's corn, soy crop
Sao Paulo, 23 January (Argus) — Argentina's recent spate of hot, dry weather is starting to damage corn and soybean crops, placing the outlook for yields at risk if it does not rain soon. Rains were uneven across the country in the past week, with portions of the north receiving heavy rainfall while much of Cordoba and Buenos Aires provinces received very little, according to the Secretariat of Agriculture, Livestock and Fisheries (SAGyP). This trend is likely to persist into the week ahead, with only sporadic rains expected across much of the country. The inconsistent precipitation led the share of Argentina's soybean crop with adequate-to-optimal soil moisture levels to fall by 7 percentage points in the week to 67pc, mostly because of a lack of rain in the south of Cordoba province, the Buenos Aires Grain Exchange (Bage) said. The soybean crop remained mostly in good shape, though the lack of rain has had an impact, dropping the share of the crop rated in normal-to-excellent condition by almost 10 percentage points in the week to 87pc, Bage said. Soybeans in in parts of Argentina's so-called core region have started to lose some lower leaves because of the weather conditions. The extent of the damage will depend on how much it rains in the next week, the Rosario Board of Trade (BCR) said. The presence of red spider mites has been reported in some areas, which will require the application of pesticides, Bage said. Soybean planting advanced by 2.3 percentage points in the week through 21 January, reaching just over 96pc complete, as rain in the north slowed work in the fields, Bage said. Corn needs rain too Dry weather farther south has also impacted corn, with the southeast of Cordoba hit the hardest, and growers in the area facing potential losses of up to 50pc of the early planted crop, BCR said. Corn in parts of Argentina that have received sufficient precipitation remained in good shape, BCR said, with almost 84pc of early planted corn and just over 90pc of late planted corn still in normal-to-good condition, Bage said. Farmers reported a growing presence of leafhoppers in Santa Fe province, and applications of insecticides will be needed to control them, Bage said. The bugs were also found in Entre Rios province, according to SAGyP. Some growers who have yet to plant corn might switch the remaining area to soybeans as a result, Bage said. An infestation of the insects, which spread corn stunt disease, reduced corn yields in Argentina by about 15pc for the 2023-24 marketing year, according to the US Department of Agriculture (USDA). Corn planting made little progress in the north due to rain, advancing just 1.4 percentage points to 93.1pc complete, Bage said. By Jeffrey T. Lewis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina's economy contracts in Nov
Argentina's economy contracts in Nov
Montevideo, 21 January (Argus) — Argentina's economy ticked back into contraction in November, throwing into question the government and IMF's goal of 5pc annual growth. The economy contracted by an annual 0.3pc in November, according to the monthly economic activity estimate from the statistics institute, Indec. That followed 3.2pc annual growth in October and 4.8pc growth in September. It peaked last year at 7.8pc annual growth in April. November registered the worst monthly performance of 2025 and marked the first contraction since September 2024, when it fell by 2.4pc. Manufacturing contracted by an annual 8.2pc in November, following a decline of 2.7pc in October. Construction contracted by an annual 2.3pc and trade was down by 6.4pc. Wholesale and retail trade contracted by 6.4pc. Fishing contracted by 25pc. Financial intermediation grew by an annual 13.9pc in November, while agriculture and cattle raising grew by 10.5pc, slowing from 23.1pc in October. Mining growth slowed to 7pc. President Javier Milei's administration forecasts 5pc growth for 2025, which includes a strong nod to continued expansion of export revenue from energy and mining. Mineral exports were $6bn in 2025, up by 29.2pc, while energy exports reached a historic high to $11.1bn. Oil production also hit a historic high of 860,255 b/d, according to preliminary numbers from the energy secretariat. The previous record was 847,000 b/d from 1998. The release of the November economic activity estimate coincided with president Milei's presentation at the annual World Economic Forum in Davos, Switzerland, where he pledged to continue deregulating the economy as the best way forward for growth. He said his government, in power since December 2023, had undertaken 13,500 structural reforms, "which have allowed us to have a more efficient economy" and return to growth. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.