Deteriorating trade relations between the United States and Mexico have prompted the latter to turn to Russia and Latin American countries in order to satisfy the country’s demand for wheat.
According to Reuters, "Mexico, the top importer of US wheat, is increasingly turning to cheaper supplies from Russia"” and as US grain potentially becomes more and more expensive due to tariffs imposed by the Mexican government, the US’s market share will continue to decline further.
"It’s important to send signals to Mr. Trump," he said.
A US farmer from Kansas named Ken Wood also remarked that the loss of the Mexican market is a serious blow to his business as wheat prices tumbled.
"It’s frustrating. Mexico’s a natural market for us," Wood said, adding that "break-even might be our best hope this year."
READ MORE: US to Unveil Plan to Provide $12Bln in Aid to Farmers Hit by Tariffs — Reports
The Trump administration has already touted a new upcoming plan to allocate $12 billion in emergency aid to American farmers who have been hurt by the latest import tariffs.
Earlier, Washington announced that it would impose 25 percent tariffs on steel imports and 10 percent on aluminum imports on the European Union, Mexico and Canada beginning June 1, sparking a trade war and retaliatory measures from the affected countries.