Georgia farmers could see impact from latest round of tariffs
While tariffs on Mexico and Canada have been delayed, China issued a retaliatory tariff in response to the 10% duty on Chinese imports that went into effect Tuesday.
With the uncertainty of this latest round of tariffs, some Georgia farmers are facing new challenges.
Delbert Bland, owner of Bland Farms in Glennville, is among the top producers in Georgia.
Grown in only 20 counties in southeast Georgia, Bland Farms is the largest grower, packer, and shipper of Vidalia sweet onions.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
In the Vidalia onions off-season, they grow sweet onions on their farms in Mexico.
'I've talked to our onion farmers in Mexico about every two hours,' Bland told Channel 2′s Brittany Kleinpeter.
Bland said not only do they rely heavily on their imports from Mexico, but they also export a lot of their products to Canada.
'We're trying to figure out what to do and how to react and the main goal we have is keeping our customers supplied,' he added.
Georgia Pecan producers like Lane Southern Orchards have already experienced the toll that tariffs can have.
The Fort Valley Farm's CEO, Mark Sanchez, said they had to cut back their Chinese exports significantly just a few years ago.
'Up until 2017, China was a very lucrative market for pecans. The tariffs in 2017 threw a wrench into that,' he added.
Economist Tom Smith says while he has hope that leaders will work out an agreement to avoid tariffs, he's hoping that history doesn't repeat itself.
'I really hope that no tariffs are put into place because as we saw in 2018, our farmers really took it on the chin. They will see a decrease in the volume of exports, their incomes will drop, and then it puts way too much pressure on an important resource,' Smith explained.
TRENDING STORIES:
US Postal Service says it has suspended inbound packages from China, Hong Kong
Atlanta-based designer featured in Target campaign feels 'gaslit' after DEI changes
Former DA breaks down as she testifies in illegal interference trial over handling of Arbery case
[SIGN UP: WSB-TV Daily Headlines Newsletter]
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Morning Bid: Trump-Musk bust-up smolders
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today Donald Trump's hotly anticipated meetings with the leaders of the world's two other biggest economies ended up being sideshows compared to his online bust-up with billionaire backer Elon Musk. It's Friday, so today I'll provide a quick overview of what's happening in global markets and then offer you some weekend reading suggestions away from the headlines. Today's Market Minute * White House aides scheduled a call between Donald Trump and Elon Musk for Friday, Politico reported, after a huge public spat that saw threats fly over government contracts and ended with the world's richest man suggesting the U.S. president should be impeached. * U.S. President Donald Trump and Chinese leader Xi Jinping confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday that left key issues to further talks. * China has signalled for more than 15 years that it was looking to weaponise areas of the global supply chain, a strategy modelled on longstanding American export controls Beijing views as aimed at stalling its rise. The scramble in recent weeks to secure export licences for rare earths shows China has devised a better, more precisely targeted weapon for the trade war. * By any measure, the recent resilience of U.S. stocks is remarkable, with Wall Street powering through numerous headwinds to erase all its tariff-fueled losses and move into positive territory for the year. Reuters columnist Jamie McGeever explains why the rally may still have some juice left in it. * There are some tentative early signs that weak thermal coal prices are starting to boost import demand among Asia's heavyweight buyers China and India. Read Reuters Columnist Clyde Russell to find out more. Trump-Musk bust-up smolders For markets trying to navigate everything from creeping signs of labor market weakness to the latest European Central Bank easing, the spat between the U.S. president and the world's richest man proved more than a distraction. It remains to be seen if it overshadows the May payrolls report later on Friday. The extraordinary sparring match drew in other major political and business figures and included potentially seismic accusations and threats. In turn, the share price of Musk's Tesla plummeted almost 20% at one point, dragging Wall Street stock indexes and crypto tokens deep into the red. The public feud appeared to cool off somewhat overnight and allowed stock futures to regain some lost ground. But the fact that the spat overshadowed the other major events of the day was another marker of this administration's unpredictability. The substance of the row was over Trump's "one big beautiful" fiscal bill that Musk thinks is a "disgusting abomination" due to the amount of spending. The bill, which has yet to be passed by the Senate, is expected to add $2.4 trillion to the U.S. debt over the next decade, based on CBO estimates. The vast bulk of this will likely be incurred over the next four years. In the background, the call between Trump and China's President Xi Jinping delivered no breakthroughs in the trade row apart from warmer words and an agreement to resume talks. The Oval Office meeting with Germany's Chancellor Friedrich Merz was relatively positive about trade and diplomatic issues. Earlier in the day, the ECB cut rates again as expected and suggested that there may be a pause at its next meeting and that it could be near the end of its easing cycle now that 'real' inflation-adjusted rates are back near zero. The euro hit a six-week high on Thursday regardless, although it gave back those daily gains today. Rising weekly U.S. jobless claims, meantime, cast a shadow over today's release of the May employment report. Consensus forecasts are for a slowdown in payroll growth to 130,000. Treasury yields, which ebbed and flowed all day on the conflicting signals from the trade meetings and stock gyrations, are back hovering at the week's lows ahead of the jobs report. Even though Federal Reserve officials continue to signal caution about the uncertain outlook ahead, markets are now priced for a resumption of Fed cuts by September. Into the already confusing mix, the Treasury released its annual report on potential currency manipulation overseas, adding Switzerland and Ireland to its watchlist, which already includes China, Japan, Germany, South Korea, Taiwan, Singapore and Vietnam. The list likely carries more heft than usual amid multiple tense trade negotiations. Markets assume the U.S. may pressure other countries to let their currencies appreciate versus the dollar as part of deals to avert severe tariffs being re-imposed next month. The Swiss National Bank responded on Friday by saying it would intervene in currency markets where necessary to keep inflation on track. Intervention to cap a super-strong franc has been a critical monetary tool used over the past decade and may need to be tapped again now that Swiss inflation has returned negative just as the SNB's key interest rate is set to return to zero in June. Elsewhere, China's yuan slipped against the dollar while falling to a near two-year low versus its major trading partners on Friday as the Trump-Xi call fell short of many expectations. Stock markets overseas were mixed on Friday as Wall Street remained on edge and the U.S. jobs report loomed. In the euro zone, first-quarter GDP was revised higher to show twice the growth originally estimated: 0.6% quarter-on-quarter, leading to an annual rate of 1.5%. India's central bank cut key rates by a larger-than-expected 50 basis points to 5.5%, its steepest cut in five years. It also slashed its cash reserve ratio - funds that banks are required to hold - by 100 bps to 3% in a surprise move aimed at boosting lending and speeding up policy transmission. In single stocks, Tesla shares recovered around 5% in Frankfurt on Friday, having closed down 14% in New York yesterday amid the Trump-Musk spat. It lost about $150 billion in market value yesterday, which caused the erstwhile member of the 'Magnificent Seven' megacaps to drop to ninth in the list of most-valuable firms behind Broadcom and Berkshire Hathaway. Broadcom's shares, however, fell 4% in extended trading overnight as its forecast-beating earnings seemed to underwhelm the Street. In Bank of America's weekly tally of fund flows, U.S. stocks saw outflows of $7.5 billion, the third week of exits, while European shares saw inflows of $2.6 billion, the eighth week of inflows. Weekend reading suggestions * 'BLUE BONDS': European countries should seize the moment to boost the size and liquidity of jointly-issued euro sovereign debt, and a solution could be to replace a proportion of the stock of national bonds with senior Eurobonds, or 'blue bonds'. So says a 'working document' from Peterson Institute senior fellow and former IMF chief economist Olivier Blanchard in a paper jointly written with Citadel's Angel Ubide. * NUCLEAR BLIND SPOTS: United Nations nuclear watchdogs appear to have lost track of some critical elements of Iran's nuclear activities since U.S. President Donald Trump ditched a 2015 deal that imposed strict restrictions and close supervision by the International Atomic Energy Agency. Reuters Francois Murphy and John Irish report on key blind spots that include not knowing how many centrifuges Iran possesses or where the machines and their parts are produced and stored. * OCEAN ECONOMY: Trade in the global 'ocean economy' hit as much as $2.2 trillion in 2023, about 7% of total world trade, but this trade is increasingly threatened by climate change and environmental problems, the United Nations trade and development arm UNCTAD showed in a report this week. The ocean economy grew faster than the world economy at large in the five years to 2020 and an estimated 100 million jobs depend on it. * 'TRUMP DOCTRINE': The emerging foreign policy under President Donald Trump resembles a 'look the other way' doctrine or a 'none of our business' doctrine, argues former George W. Bush State Department official Richard Haass on Project Syndicate. "The U.S. sought to change the world, annoying some and inspiring others. Those days are gone, in some ways for better, but mostly for worse. The US has changed. It is coming to resemble many of the countries and governments it once criticized." * MAGNETIC FEW: A small team in China's Ministry of Commerce decides the fate of the global auto industry, one rare earth magnet export permit at a time. China holds a near-monopoly on rare earth magnets, a key component in electric vehicle motors, and it added them to an export control list in April as part of its trade war with the United States. Reuters' Laurie Chen and Lewis Jackson show how it falls to the Bureau of Industrial Security and Import and Export Control, part of China's Ministry of Commerce, to review export permits for the rare earth magnets, vital for car motors, wind turbines and even U.S. F-35 fighter jets. * FINANCE AND AI: Artificial intelligence advances in the financial sector offer enhanced data analysis, risk management and capital allocation, but there are problems too, according to a paper on CEPR's VoxEU website. As AI systems become more widespread, they introduce challenges for regulators tasked with balancing the benefits of innovation with the need for financial stability, market integrity, consumer protection and fair competition. * DRONE ATTACK: Ukraine's 'Operation Spider's Web' last weekend used smuggled drones to attack bomber aircraft deep inside Russia, and the 'remarkable event' could affect the future of conflict, argues Council on Foreign Relations fellow Michael Horowitz. The attack "clearly shows that even targets deep in a country's territory could now be at risk". * IMF EUROPE: The case for closer European economic integration has become more compelling as external challenges multiply, according to Alfred Kammer, director of the International Monetary Fund's European Department. Stressing the need for the completion of the single market, Kammer said capital markets integration has been too slow and that cross-border flows have been frustrated by persistent fragmentation. "If history is a guide, Europe can turn adversity to advantage." * ALPINE TRUSTS: Liechtenstein is examining tightening control of scores of Russian-linked trusts abandoned by their managers under pressure from Washington. Reuters' John O'Donnell and Oliver Hirt cite sources in reporting that the country, one of the world's smallest and richest, is home to thousands of low-tax trusts, hundreds with links to Russians. Chart of the day Supply chain stress ticked up in May, data from the Federal Reserve Bank of New York said on Thursday. The bank noted that its Global Supply Chain Pressure Index for May rose to 0.19 from -0.28 in April, only the second time it stood in positive territory this year and the highest reading since the 0.20 seen in August of last year. Although the index remains subdued compared to the post-pandemic surge, growing concerns about the impact of the tariff war - particularly the impact of China's restrictions on rare earth and minerals exports on the global auto industry - will ensure policymakers keep a close eye on these pressures for any signs of re-emerging inflation. Today's events to watch * U.S. May employment report (8:30 AM EDT), April consumer credit (3:00 PM EDT); Canada May employment report (8:30 AM EDT) Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan; Editing by Anna Szymanski)
Yahoo
32 minutes ago
- Yahoo
Apple's two biggest problem areas ahead of its WWDC 2025
Ahead of Apple's (AAPL) 2025 Worldwide Developers Conference kicking off this Monday, June 9, Needham analysts downgraded the iPhone maker from a Buy rating to Hold while removing its price target on the tech stock. Needham & Company senior media and internet analyst Laura Martin — the analyst behind the call — examines several of Apple's biggest problems as it faces pressures in China's consumer market and the team-up between OpenAI and former Apple designer Jony Ive. Here's a look at what to expect from the 2025 WWDC event. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. Let's take a look at Apple here. It's down 19% year to date, the lowest performing member of the magnificent seven and trailing the S&P 500, which is now up for the year. Ahead of Apple's company, uh, Worldwide Developers Conference, Needham and company cut its Apple rating from buy to hold and removed its $225 price target for the stock. We've got the person behind that call, Laura Martin, Needham and Company senior media and internet analyst joining us now. Really appreciate you making the time to break this down for us, Laura. What was the single biggest driver behind this call on Apple? So I think, I think we're focusing on two things. There's like an urgent problem for Apple and then an important problem for Apple. The urgent problem is, a, it's really expensive today at 26 times next year's earnings, which is twice its normal multiple over the last 10 years, and about a 25% premium to the S&P 500. So it's too expensive. Second, there are real risks to their fundamentals over the next 12 months. Not only tariffs, but, um, but also like the Chinese demand, which used to be 19% of their total iPhone sales, went to 17% last year. We expect it to go to 15% of total sales this year. So there, um, there really is issues with the rising nationalism in China and Chinese, uh, consumers buying competitive products and not Apple products. Um, also, we have risk of fundamentals services revenue because you may have seen that epic, uh, the epic court decision, which allows all these apps to actually get direct payment and not pay the Apple 30% tithe on, on these app payments. So that actually threatens services revenue. Anyway, lots of fundamental risks, um, coming from the outside world in the near term, again, to their fundamental earnings per share, a risk in addition to just tariffs. And the important problem here that isn't as urgent, but it is really important is competition. So what's happening is generative AI is opening up the possibility of replacing the smartphone with, if you think meta and Google are right, glasses, like these Ray-Ban glasses that Meta's already sold a million units of. Or, more importantly, um, Jony Ive, who used to was actually the designer behind every major Apple product on the market today, he was at Apple for 27 years, has recently, his company's been bought by Sam Altman's OpenAI, and they're talking about a new form factor that isn't a smartphone and it isn't glasses, but it's going to compete and replace, I mean, I think over the long term replace the iPhone because Jony Ive, who invented the iPhone as a design fact, uh, hardware, said he doesn't like screens. He wants to move consumers away from screens, which would be lovely if you could have a conversation with a 15-year-old where they weren't looking at their screens. So I'm completely supportive, but all of this is a competitive is a competitive threat to the largest iPhone maker, you know, the largest smartphone maker in the world. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


CNBC
39 minutes ago
- CNBC
Two aerospace stocks are deeply overbought and could be due for a pullback
GE Aerospace and Howmet Aerospace are vulnerable to pullbacks after entering deep overbought territory this week. Each stock climbed more than 3% this week, outperforming the S & P 500 's 1.5% gain in the same period. The stocks have come so far so fast that now GE Aerospace and Howmet have the two highest 14-day relative strength index, or RSI, readings in the S & P 500. CNBC Pro used its stock screener tool available for subscribers to find the most oversold stocks as measured by the 14-day RSI. Stocks that have a 14-day RSI above 70 are viewed as overbought, leaving them susceptible to a decline, while those a 14-day RSI below 30 are often thought of as oversold, suggesting they may see a bounce. GE Aerospace has now risen for nine straight weeks, while Howmet has advanced for seven. GE Aerospace is ahead more than 53% year to date, while Howmet is up more than 60%. While the typical analyst polled by LSEG has buy ratings on both companies, the consensus 12-month price target foresees more than 5% downside for each stock over the next year following these big runs. Here's the full list of S & P 500 stocks with the highest 14-day RSIs, along with what Wall Street thinks of them, according to LSEG data as of Friday morning: At the other extreme, Brown-Forman is the most oversold name in the S & P 500 with a 14-day RSI below 22. Shares of the Jack Daniel's whiskey distiller tumbled nearly 16% this week. Much of the decline came after Brown-Forman posted revenue and net income for its fiscal fourth quarter that missed analysts' consensus forecasts, according to consensus LSEG numbers. The Louisville-based company said it was operating in an "exceptionally challenging macroeconomic environment." The stocks has slumped 37% in the past six months and is on pace to record its fifth consecutive down year. Although Wall Street analysts rate Brown-Forman no more than a collective "hold," the consensus 12-month price target as compiled by LSEG suggests shares may rally 35%. Brown-Forman also has a dividend yield of 3.32%. Here are the other stocks with 14-day RSIs below 30, along with what Wall Street sees for them: