Lost in what now seems like on both sides an ego driven, my muscles are bigger than yours tariff trade war are the countless businesses negatively impacted by this and the consumers that are going to be paying higher prices for things in both the US and Canada. No side wins, it’s just who loses less at this point it seems.
One anecdote but I’m sure you’ve heard many. When I was up in Maine three weeks ago on the annual Camp Kotok fishing trip, my guide one day on a canoe told me his family has had a hotel/motel up there for generations and that visitation from their Canadian customers this summer was down 80% from where it was vs 2024 and they’ve scrambled to replace that as best they could with domestic travelers.
I mentioned a few days ago that corn broke out to a multi year high. Today, wheat is rallying to just shy of a 2 yr high on continued worries about deliveries out of the Black Sea. The Bloomberg Agriculture index today is trading at its highest level since late 2023.
Wheat
Bloomberg Agriculture Index
My readers know this as I’ve highlighted it many times and that is the rising cost of trucking. Yesterday RXO, the major trucking broker, released its Q2 ‘proprietary Curve truckload market forecast’ and “which shows rapidly rising truckload spot rates, excluding the impacts of fuel.”
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