Tariff impact on MN farmers highlighted by Gov. Walz as policies begin

CANNON FALLS, Minn. (FOX 9) - As President Trump's increased tariffs take effect on March 4, 2025, Minnesota Gov. Tim Walz is highlighting the impact they could have on Minnesota farmers.

Tariff impact on Minnesota farmers

What we know:

On Tuesday, Gov. Walz visited a corn and soybean farm in Cannon Falls to highlight the impact that enacted tariffs could have on Minnesota farmers.

Several new tariffs are expected to take effect today, with both Mexico and Canada being among the top three countries for Minnesota’s agricultural exports.

Trump has also announced plans to impose tariffs on overseas agricultural products, set to take effect on April 2.

Tariffs on Canada, Mexico and China begin

Dig deeper:

The U.S. is set to impose 25% tariffs on imports from Canada and Mexico, with Canadian energy products taxed at a lower 10% rate.

Meanwhile, the Trump administration increased tariffs on Chinese goods from 10% to 20% on Monday, a day ahead of schedule.

Trump first imposed a 10% tariff on Chinese imports in February, but has doubled the rate after what he described as "China’s failure to stop fentanyl trafficking into the U.S."

Often citing a "trade imbalance" between the U.S. and other countries, Trump has also said the tariffs are aimed at "curbing fentanyl trafficking and illegal immigration."

The U.S. conducted nearly $2.2 trillion in trade with Mexico, Canada and China in 2024, and businesses are bracing for higher prices and possible retaliation.

Leaders in Canada, Mexico and China have all said they will consider retaliatory tariffs as countermeasures to the new policies.