The US animal fats and oils markets were relatively quiet on Monday February 3, as sources said the market was still absorbing news of new US tariffs and expected retaliation from key trading partners.
On February 1, US President Donald Trump announced new tariffs on imports from Mexico, Canada and China, citing concerns over illegal immigration and trade imbalances.
The tariffs — 25% on Mexican and Canadian goods and 10% on Chinese imports — are set to take effect on February 4, raising concerns over rising costs and potential market disruptions.
In response, Canada announced a 25% tariff on C$155 billion worth of US goods, with an initial C$30 billion taking effect on February 4.
Mexican President Claudia Sheinbaum warned of economic damage to both nations and pledged countermeasures, while China vowed to challenge the tariffs at the World Trade Organization and hinted at further retaliation.
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