Trump Raises Baseline Tariffs, Impacting Ag Commodity Prices

Increased tariffs on all imported goods to the U.S. spark concerns over retaliation and impact on agriculture markets

Published on Feb. 23, 2026

Got story updates? Submit your updates here. ›

President Trump has announced he will be increasing the baseline tariff for all imported goods to the U.S. from 10% up to 15% after the Supreme Court struck down his IEEPA-based tariff framework deal. This move is expected to impact agricultural commodity prices, with corn, soybeans, and wheat all trading lower to start the week as traders wait to see if other countries will retaliate against the U.S. The Funds have built up significant long positions in the soybean complex, raising concerns about potential losses if China stops considering additional purchases from the U.S.

Why it matters

The increase in baseline tariffs could slow down demand for U.S. agricultural exports, as other countries become more price competitive. This comes at a time when the U.S. is already struggling to be competitive in the global wheat market. The potential for retaliation from trading partners also raises concerns about further disruptions to agricultural trade flows.

The details

The corn market is down 1-2 cents, soybeans are down 7-8 cents, and wheat is down 4-5 cents to start the week. Crude oil is also down $0.33-$0.34, and the U.S. dollar is down 12 points. The Funds are estimated to be short 27,415 contracts of corn, long 163,611 contracts of soybeans, and short 97,370 contracts of wheat. Tensions between the U.S. and Iran are also heating up, with the U.S. putting more military ships and aircraft in place in the Middle East.

  • President Trump announced the tariff increase effective immediately on February 23, 2026.
  • The Supreme Court struck down Trump's IEEPA-based tariff framework deal prior to the tariff increase.

The players

President Trump

The President of the United States who announced the increase in baseline tariffs from 10% to 15% on all imported goods to the U.S.

The Supreme Court

The highest court in the United States that struck down President Trump's IEEPA-based tariff framework deal, leading to the tariff increase.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The impact of the increased tariffs on agricultural commodity prices and trade flows will continue to be monitored by market participants. Any retaliatory actions from trading partners could further disrupt global agricultural markets.

The takeaway

The tariff increase announced by President Trump adds another layer of uncertainty to the already volatile agricultural commodity markets, raising concerns about the potential for reduced demand and further trade disruptions. Farmers and agribusinesses will need to closely watch developments and adjust their strategies accordingly.