According to The Kobeissi Letter, China has imposed 10%-15% tariffs on US agricultural products, which could impact US exports and influence trade balances negatively. Mexico also announced plans to implement retaliatory tariffs against the US, further straining trade relations. These actions could potentially cause volatility in the agricultural and related markets, affecting commodity traders and investors. Additionally, Canada and Mexico are considering 'non-tariff' measures, indicating a broader spectrum of trade tensions that could influence market dynamics.