{"id":34533,"date":"2025-04-28T16:32:10","date_gmt":"2025-04-28T20:32:10","guid":{"rendered":"https:\/\/bonnefield.com\/?p=34533"},"modified":"2026-09-01T13:54:21","modified_gmt":"2026-09-01T17:54:21","slug":"q2-2025-canadian-agriculture-assessing-our-exposure-to-potential-us-tariffs","status":"publish","type":"post","link":"https:\/\/bonnefield.com\/fr\/news\/q2-2025-canadian-agriculture-assessing-our-exposure-to-potential-us-tariffs\/","title":{"rendered":"T2 2025 \u2013 Agriculture canadienne\u00a0: \u00c9valuation de notre exposition aux tarifs douaniers am\u00e9ricains potentiels"},"content":{"rendered":"<a class=\"wp-block-tco-blocks-button-block button button--primary\" href=\"\/wp-content\/uploads\/2025\/04\/Q2-2025-Newsletter-How-Exposed-Are-We-to-US-Tariffs.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span>T\u00e9l\u00e9charger le PDF<\/span><\/a>\n\n<p>Ces derniers mois, la politique commerciale am\u00e9ricaine a occup\u00e9 le devant de la sc\u00e8ne, avec une intensification des discours sur les tarifs douaniers et le risque de repr\u00e9sailles de la part des partenaires commerciaux mondiaux. Bien qu&#039;aucun nouveau tarif douanier am\u00e9ricain n&#039;ait \u00e9t\u00e9 impos\u00e9 \u00e0 l&#039;agriculture canadienne, les investisseurs dans ce secteur se posent naturellement la question suivante\u00a0: quelle est la vuln\u00e9rabilit\u00e9 du secteur \u00e0 ces \u00e9volutions et quelles en sont les cons\u00e9quences pour les investissements dans les terres agricoles\u00a0?<\/p>\n<p>Chez Bonnefield, nous analysons ces questions de pr\u00e8s. Bien qu&#039;il n&#039;existe pas de r\u00e9ponse simple, il est essentiel de comprendre l&#039;exposition potentielle et les facteurs structurels qui peuvent contribuer \u00e0 l&#039;att\u00e9nuer. Dans un contexte d&#039;incertitude macro\u00e9conomique et g\u00e9opolitique g\u00e9n\u00e9ralis\u00e9e \u00e0 court terme, nous demeurons convaincus que les terres agricoles canadiennes sauront \u00e0 nouveau constituer une r\u00e9serve de valeur r\u00e9siliente et durable. En fait, l&#039;incertitude li\u00e9e aux tarifs douaniers renforce encore davantage l&#039;int\u00e9r\u00eat d&#039;investir dans des actifs tangibles, productifs et d\u00e9corr\u00e9l\u00e9s, comme les terres agricoles canadiennes de grande qualit\u00e9. \u00a0<\/p>\n<p><strong>Facteurs cl\u00e9s qui d\u00e9termineront l&#039;impact des tarifs douaniers am\u00e9ricains<\/strong>\u00a0<\/p>\n<p>Although the full effects of potential future U.S. tariffs on Canadian agriculture are difficult to forecast, we generally expect some short-term downward pressures on commodity prices, and the actual impact will vary depending on the commodity and its reliance on the U.S. market. (We provide a more detailed analysis of key crops and export destinations later in this newsletter). Several variables will influence the outcome:<\/p>\n<ul>\n<li>La capacit\u00e9 des importateurs am\u00e9ricains \u00e0 absorber ou \u00e0 r\u00e9percuter les co\u00fbts li\u00e9s aux tarifs douaniers<\/li>\n<li>La r\u00e9action des consommateurs aux \u00c9tats-Unis et la substituabilit\u00e9 des produits canadiens<\/li>\n<li>La mesure dans laquelle les consommateurs canadiens r\u00e9agissent aux tarifs am\u00e9ricains par une demande suppl\u00e9mentaire de produits canadiens<\/li>\n<li>La port\u00e9e et la dur\u00e9e des tarifs<\/li>\n<li>Canada&#8217;s potential retaliatory measures<\/li>\n<li>Des changements plus larges dans la cha\u00eene d&#039;approvisionnement mondiale provoqu\u00e9s par le protectionnisme am\u00e9ricain<\/li>\n<\/ul>\n<p>Ultimately, the global nature of agricultural commodity markets provides a natural buffer from potential tariff impacts as demand displaced by one market often finds a home in another. We saw this pattern emerge when India placed barriers on Canadian lentils in 2017, and when China restricted purchases of Canadian canola in 2019. In both these cases, Canadian production went elsewhere (largely to the EU) to supply crop shortages created by China and India&#8217;s changing trade patterns. \u00a0\u00a0<\/p>\n<p><strong>Forces att\u00e9nuantes soutenant le secteur<\/strong>\u00a0<\/p>\n<p>Plusieurs dynamiques macro\u00e9conomiques et sectorielles sont susceptibles de contribuer \u00e0 compenser le risque de baisse potentiel :\u00a0<\/p>\n<p><strong>1. Taux d&#039;int\u00e9r\u00eat plus bas<\/strong>\u00a0Dans un contexte de r\u00e9cession, les taux d\u2019int\u00e9r\u00eat devraient probablement rester bas, voire baisser, ce qui contribuera \u00e0 all\u00e9ger certaines des pressions financi\u00e8res auxquelles sont confront\u00e9s les agriculteurs canadiens.\u00a0<\/p>\n<p><strong>2. Dynamique mon\u00e9taire favorable<\/strong>\u00a0La faiblesse du dollar canadien offre une protection naturelle aux producteurs, car la plupart des produits agricoles sont libell\u00e9s en dollars am\u00e9ricains. Cela favorise la comp\u00e9titivit\u00e9 des exportations canadiennes et la rentabilit\u00e9 des agriculteurs, m\u00eame en cas de perturbations tarifaires.\u00a0<\/p>\n<p><strong>3. Soutien gouvernemental<\/strong>\u00a0Historiquement, le gouvernement canadien a soutenu le secteur agricole en p\u00e9riode de crise. Par exemple, lors du conflit commercial de 2018-2019 avec la Chine, le gouvernement canadien a vers\u00e9 150 millions de livres sterling en assurance aux exportateurs de canola et a \u00e9largi le Programme de paiements anticip\u00e9s, offrant jusqu&#039;\u00e0 1 million de livres sterling en pr\u00eats, dont la moiti\u00e9 sans int\u00e9r\u00eat pour les producteurs de canola.<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn1\" name=\"_ednref1\">(1),(2)<\/a><\/sup><sup>\u00a0<\/sup>Nous nous attendrions \u00e0 une intervention politique si les tarifs douaniers devaient provoquer des perturbations durables.\u00a0<\/p>\n<p><strong>4. Diversification des march\u00e9s d&#039;exportation<\/strong>\u00a0The global nature of agriculture means that if one region imposes trade restrictions, others often increase their purchasing to fill the gap. Canada&#8217;s growing network of trade agreements supports this flexibility.\u00a0<\/p>\n<p><strong>5. Faibles stocks agricoles<\/strong>\u00a0La demande d&#039;une population mondiale croissante, combin\u00e9e \u00e0 des ann\u00e9es de d\u00e9fis de production induits par les changements g\u00e9opolitiques et climatiques, a entra\u00een\u00e9 une baisse des ratios stocks\/utilisation mondiaux pour la plupart des produits agricoles. Par exemple, le ratio stocks\/utilisation du ma\u00efs est actuellement \u00e0 son plus bas niveau depuis 10 ans.<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn3\" name=\"_ednref1\">(3)<\/a><\/sup><sup>\u00a0<\/sup>Les consommateurs du monde entier auront besoin des r\u00e9coltes canadiennes, quels que soient les tarifs douaniers et les perturbations commerciales impos\u00e9s par les \u00c9tats-Unis. \u00a0\u00a0<\/p>\n<p><strong>Les flux commerciaux agricoles entre les \u00c9tats-Unis et le Canada ont chang\u00e9 ces derni\u00e8res ann\u00e9es<\/strong>\u00a0<\/p>\n<p>La plupart des Canadiens sont surpris d\u2019apprendre qu\u2019au cours de la derni\u00e8re d\u00e9cennie, le Canada est pass\u00e9 du statut d\u2019importateur net de produits alimentaires en provenance des \u00c9tats-Unis \u00e0 celui d\u2019exportateur net.<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn4\" name=\"_ednref1\">(4)<\/a><\/sup>\u00a0Cela vaut aussi bien pour les produits agricoles en vrac (comme les c\u00e9r\u00e9ales) que pour les biens interm\u00e9diaires (comme le b\u00e9tail et les aliments pour animaux), et m\u00eame pour les produits alimentaires de marque. \u00c0 premi\u00e8re vue, le fait d&#039;\u00eatre un exportateur net vers les \u00c9tats-Unis sugg\u00e8re que le Canada est plus vuln\u00e9rable aux tarifs agricoles am\u00e9ricains que lorsqu&#039;il \u00e9tait importateur net. Cependant, il est \u00e9galement vrai que les fabricants et les consommateurs finaux am\u00e9ricains d\u00e9pendent beaucoup plus des cultures canadiennes qu&#039;il y a dix ans. Une note d&#039;orientation de f\u00e9vrier 2025 d&#039;Agrifood Economic Systems concluait\u00a0:\u00a0<\/p>\n<p><em>&#8220;&#8230;<\/em><em>on a net basis, Canada is feeding the U.S.. Tariffs that increase the price of agri-food products imported by the U.S. from Canada will cost U.S. consumers. If tariffs are sufficient to effectively halt Canada-U.S. trade in some products, the U.S. will be shorted in these products to some degree, for some period of time, and prices could increase sharply.&#8221;<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn5\" name=\"_ednref1\">\u00a0(5)<\/a><\/sup><sup>\u00a0<\/sup><\/em>\u00a0<\/p>\n<p>Dans l\u2019ensemble, la d\u00e9pendance des \u00c9tats-Unis envers les agriculteurs canadiens sugg\u00e8re que les tarifs agricoles auront probablement un impact important sur les producteurs et les consommateurs am\u00e9ricains et, par cons\u00e9quent, seront probablement de courte dur\u00e9e s\u2019ils sont mis en \u0153uvre. \u00a0\u00a0<\/p>\n<p><strong>Le facteur chinois<\/strong>\u00a0<\/p>\n<p>Bien que la politique tarifaire am\u00e9ricaine soit au centre de l&#039;attention, les tarifs chinois (tant sur les \u00c9tats-Unis que sur le Canada) sont \u00e9galement importants \u00e0 prendre en compte. L&#039;imposition r\u00e9cente par la Chine d&#039;un tarif de 100% sur l&#039;huile et le tourteau de canola canadiens, ainsi que d&#039;un tarif de 25% sur les fruits de mer et le porc, marque une escalade significative des tensions commerciales actuelles entre les deux pays. Ces mesures, en vigueur depuis le 20 mars 2025, ont \u00e9t\u00e9 introduites en r\u00e9ponse directe \u00e0 la d\u00e9cision ant\u00e9rieure du Canada d&#039;imposer un tarif de 100% sur les v\u00e9hicules \u00e9lectriques chinois et un tarif de 25% sur les importations d&#039;acier et d&#039;aluminium \u2013 des mesures que le Canada a justifi\u00e9es comme n\u00e9cessaires pour contrer les subventions injustes et les distorsions du march\u00e9 par la Chine.<\/p>\n<p>As noted earlier in this newsletter, China has taken similar steps in the past, most notably in 2019, when it suspended import permits for major Canadian canola exporters. Although this move initially disrupted Canadian canola exports, the industry demonstrated resilience by diversifying its markets and finding alternative buyers.\u200b That episode, like the current one, initially disrupted trade and put downward pressure on farm margins and cash receipts. But Canadian producers quickly adapted: displaced volumes found new homes, largely in the EU, where supply gaps created by shifting global trade patterns provided new market opportunities. The current situation is likely to follow a similar trajectory. We also note that China&#8217;s current tariffs target canola oil and meal, which are considered processed forms of canola. Most of China&#8217;s canola imports from Canada consist of unprocessed canola, such as seeds, (e.g. in 2024, ~80% of canola exported to China was unprocessed) and therefore, the overall impact of these tariffs is relatively limited.<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn6\" name=\"_ednref1\">(6)<\/a><\/sup><sup>\u00a0<\/sup>\u00a0<\/p>\n<p>These recurring patterns speak to the resilience of Canadian agriculture and the buffering effect of globally integrated commodity markets. While near-term volatility in prices and cash flows is expected, past experience suggests that Canada&#8217;s export-oriented producers are well positioned to weather this period of uncertainty. Diversification of markets and continued investment in trade infrastructure will remain key to mitigating future shocks and maintaining long-term sector stability.<\/p>\n<p>These dynamics are not unique to Canada. Recent Chinese tariffs on U.S. agricultural products, including soybeans and corn, have similarly demonstrated that in a globally undersupplied market, protectionist measures often result in a rerouting of trade rather than a net reduction in supply. As China reduces its reliance on U.S. commodities, countries like Brazil and Argentina have stepped in to meet demand. China&#8217;s share of soybean imports from the U.S. fell from 40% in 2016 to 18% in 2024, while Brazil&#8217;s share rose from 46% to 74% during the same period. Brazil has also surpassed the U.S. as China&#8217;s top corn supplier since gaining market access in 2022.<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn7\" name=\"_ednref1\">(7)<\/a><\/sup><sup>\u00a0<\/sup><sup>\u00a0<\/sup>Ces changements soulignent l&#039;adaptabilit\u00e9 des cha\u00eenes d&#039;approvisionnement mondiales et les limites des tarifs douaniers comme outil d&#039;influence sur la dynamique commerciale \u00e0 long terme. Pour les producteurs canadiens, cela renforce l&#039;importance de maintenir l&#039;acc\u00e8s \u00e0 des march\u00e9s diversifi\u00e9s et d&#039;investir dans l&#039;agilit\u00e9 n\u00e9cessaire pour s&#039;adapter \u00e0 l&#039;\u00e9volution des conditions mondiales. \u00a0<\/p>\n<p><strong>Diversification of Canada&#8217;s Export Markets is Well Underway<\/strong>\u00a0<\/p>\n<p>Canada has actively expanded its agricultural trade relationships beyond the U.S. through landmark agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Comprehensive Economic and Trade Agreement (CETA) with the EU. These agreements have unlocked access to new, high-growth markets for Canadian crops, strengthening the sector&#8217;s global competitiveness and reducing risks related to overreliance on any single jurisdiction.<\/p>\n<p>Bonnefield recently undertook a review of its farmland portfolios to evaluate likely exposure to the U.S. market. Three of the largest exposures in our portfolios are soybeans, corn, and wheat, which are also the major crops exported by Canada. The table below outlines the U.S.&#8217; share of Canadian exports for each key crop in 2023, its ranking as a key export destination, and the associated compound annual growth rate (CAGR) from 2014-2023, based on total dollar value exported in CAD for each of these crops.<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn8\" name=\"_ednref1\">(8)<\/a><\/sup>\u00a0\u00a0\u00a0<\/p>\n<p><img decoding=\"async\" class=\"wp-image-34537 aligncenter lazyload\" data-src=\"https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023.png\" alt=\"\" width=\"553\" height=\"149\" data-srcset=\"https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023.png 1687w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-300x81.png 300w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-1024x276.png 1024w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-768x207.png 768w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-1536x413.png 1536w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-18x5.png 18w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-1080x291.png 1080w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-1280x344.png 1280w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-980x264.png 980w, https:\/\/bonnefield.com\/wp-content\/uploads\/2025\/04\/Table-1-Canadian-Crop-Export-Data-for-2023-480x129.png 480w\" data-sizes=\"(max-width: 553px) 100vw, 553px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 553px; --smush-placeholder-aspect-ratio: 553\/149;\" \/>\u00a0\u00a0<\/p>\n<p>Les conclusions de ces donn\u00e9es devraient rassurer les investisseurs canadiens dans le secteur des terres agricoles.<\/p>\n<ul>\n<li><strong>soja<\/strong>:La part des \u00c9tats-Unis dans les exportations canadiennes de soja a r\u00e9guli\u00e8rement diminu\u00e9, la demande croissante de l\u2019Asie et du Moyen-Orient alimentant la croissance future.<\/li>\n<li><strong>Bl\u00e9<\/strong>:De m\u00eame, les exportations de bl\u00e9 se sont d\u00e9tourn\u00e9es des \u00c9tats-Unis, favorisant \u00e9galement les march\u00e9s asiatiques et du Moyen-Orient.<\/li>\n<li><strong>Ma\u00efs<\/strong>:Alors que les \u00c9tats-Unis ont connu une forte hausse des importations de ma\u00efs en provenance du Canada en 2023, les march\u00e9s europ\u00e9ens, notamment l&#039;Irlande, l&#039;Espagne et le Royaume-Uni, ont rapidement gagn\u00e9 du terrain, affichant des TCAC impressionnants de 19,21 TP3T, 8,71 TP3T et 27,21 TP3T respectivement. En fait, ces trois pays ont repr\u00e9sent\u00e9 plus de 601 TP3T des exportations canadiennes de ma\u00efs en 2023.<sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn9\" name=\"_ednref1\">(9)<\/a><\/sup><\/li>\n<\/ul>\n<p>This diversification highlights the growing resilience of Canada&#8217;s export ecosystem and its ability to adapt to evolving global trade dynamics, specifically in times of trade embargoes and tariffs from certain jurisdictions. Internally, Bonnefield continues to prioritize business development in regions with diverse crop capabilities and export access. \u00a0\u00a0<\/p>\n<p><strong>Perspectives \u00e0 long terme\u00a0: toujours un argument de poids en faveur de l&#039;investissement<\/strong>\u00a0<\/p>\n<p>Malgr\u00e9 l&#039;incertitude commerciale \u00e0 court terme, nous pensons que l&#039;agriculture canadienne demeure fondamentalement solide. Les terres agricoles canadiennes continuent d&#039;offrir une th\u00e8se d&#039;investissement convaincante fond\u00e9e sur\u00a0:<\/p>\n<ul>\n<li>Rendements stables et non corr\u00e9l\u00e9s<\/li>\n<li>Volatilit\u00e9 limit\u00e9e par rapport aux autres classes d&#039;actifs<\/li>\n<li>D\u00e9s\u00e9quilibres \u00e0 long terme entre l&#039;offre et la demande sur les march\u00e9s mondiaux de l&#039;alimentation et de l&#039;\u00e9nergie<\/li>\n<\/ul>\n<p>Tariffs may bring temporary volatility, but they do not alter the long-term drivers of farmland value: population growth, dietary shifts, and the transition toward renewable energy sources. Importantly, periods of market disruption often create attractive entry points. In a sector that has historically suffered from underinvestment, the current environment presents an opportunity to deploy capital in ways that enhance productivity, support farmers, and drive long-term value creation. \u00a0<\/p>\n<p><strong>En r\u00e9sum\u00e9<\/strong>\u00a0<\/p>\n<p>Canadian agriculture remains fundamentally sound and increasingly diversified. Bonnefield&#8217;s portfolio strategy, rooted in high-quality farmland with broad market access, is well positioned to navigate volatility and capitalize on opportunity even in the face of potential U.S. tariffs. \u00a0\u00a0<\/p>\n<p><strong>Abo<\/strong><strong>\u00e0 Bonnefield Financial<\/strong>\u00a0<\/p>\n<p>Bonnefield est un chef de file canadien de la gestion d&#039;investissements en terres agricoles et agroalimentaires. Nous offrons du capital aux agriculteurs et exploitants agroalimentaires progressistes par le biais de financements de location de terres et de prises de participation minoritaires. Bonnefield s&#039;engage \u00e0 pr\u00e9server les terres agricoles pour l&#039;agriculture et collabore avec des agriculteurs et exploitants agroalimentaires ax\u00e9s sur la croissance afin de les aider \u00e0 d\u00e9velopper leurs exploitations, \u00e0 r\u00e9duire leur endettement et \u00e0 financer leur retraite et la rel\u00e8ve. Nos investisseurs sont des particuliers et des investisseurs institutionnels qui croient en l&#039;avenir durable de l&#039;agriculture canadienne. \u00a0 \u00a0\u00a0<\/p>\n<p><strong>Sources<\/strong>\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref1\" name=\"_ftn1\">1.\u00a0<\/a>Gouvernement du Canada, \u00ab Le Canada soutient les producteurs et les exportateurs canadiens de canola en leur versant 150 millions de livres sterling en aide \u00e0 l\u2019assurance \u00bb, 13 juin 2019.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref2\" name=\"_ftn2\">2.\u00a0<\/a>Gouvernement du Canada, \u00ab Le gouvernement du Canada met en \u0153uvre de nouveaux r\u00e8glements pour am\u00e9liorer le Programme de paiements anticip\u00e9s \u00bb, 3 juin 2019.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref3\" name=\"_ftn3\">3.<\/a>\u00a0MacroMicro, &#8220;World \u2013 Corn Stocks-to-Use Ratio&#8221; as of April 2025.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref4\" name=\"_ftn4\">4<\/a>. Government of Canada, &#8220;The United States&#8217; trade with Canada and Canada&#8217;s trade with the United States,&#8221; February, 2024.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref5\" name=\"_ftn5\">5.<\/a>\u00a0Al Mussell, Douglas Hedley et Ted Bilyea,\u00a0<em>Le secteur agroalimentaire canadien est tr\u00e8s vuln\u00e9rable aux tarifs am\u00e9ricains. Les \u00c9tats-Unis devraient \u00e9galement s&#039;en inqui\u00e9ter.<\/em>, Syst\u00e8mes \u00e9conomiques agroalimentaires, f\u00e9vrier 2025.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref6\" name=\"_ftn6\">6.<\/a>\u00a0Canola Council of Canada: Profiles of Canada&#8217;s leading canola markets. August 2024.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref7\" name=\"_ftn7\">7.<\/a>\u00a0Reuters, &#8220;Chinese buyers switch to cheaper Brazilian soybeans ahead of Trump return,&#8221; January 17, 2025.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref8\" name=\"_ftn8\">8.<\/a>\u00a0Gouvernement du Canada : Donn\u00e9es sur le commerce en ligne.<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref8\" name=\"_ftn8\"><\/a><sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftn7\" name=\"_ftnref2\"><\/a><\/sup><a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref8\" name=\"_ftn8\"><\/a>\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref9\" name=\"_ftn9\">9.<\/a>\u00a0Gouvernement du Canada : Donn\u00e9es sur le commerce en ligne.\u00a0<a href=\"https:\/\/bonnefield.com\/wp-admin\/post.php?post=34533&amp;action=edit#_ftnref10\" name=\"_ftn10\"><\/a><em>Ce document est fourni \u00e0 titre d&#039;information uniquement et ne constitue ni une offre ni une sollicitation d&#039;achat ou de vente de titres dans toute juridiction o\u00f9 une telle offre ou sollicitation n&#039;est pas autoris\u00e9e. Toute offre de ce type est faite uniquement conform\u00e9ment aux documents d&#039;offre et aux conventions de souscription applicables. Les fonds Bonnefield (les \u201c\u00a0Fonds\u00a0\u201d) sont actuellement r\u00e9serv\u00e9s aux investisseurs r\u00e9pondant \u00e0 certains crit\u00e8res d&#039;admissibilit\u00e9. Les Fonds ne seront ni approuv\u00e9s ni d\u00e9sapprouv\u00e9s par aucune autorit\u00e9 de r\u00e9glementation des valeurs mobili\u00e8res. Les investisseurs potentiels doivent se fier exclusivement aux documents d&#039;offre des Fonds, qui d\u00e9crivent les facteurs de risque li\u00e9s \u00e0 une d\u00e9cision d&#039;investissement. Aucune d\u00e9claration ni garantie d&#039;aucune sorte n&#039;est donn\u00e9e ni ne doit \u00eatre sous-entendue quant au rendement \u00e9conomique ou aux cons\u00e9quences fiscales d&#039;un investissement dans les Fonds. Les Fonds sont destin\u00e9s \u00e0 des investisseurs avertis capables d&#039;accepter les risques associ\u00e9s \u00e0 un tel investissement, y compris une perte substantielle ou totale de leur investissement. Cette communication est fournie \u00e0 titre d&#039;information uniquement et ne saurait \u00eatre consid\u00e9r\u00e9e comme exhaustive. Les donn\u00e9es relatives \u00e0 la performance des investissements pr\u00e9sent\u00e9es dans ce document ne doivent pas \u00eatre utilis\u00e9es pour pr\u00e9dire les rendements futurs. L&#039;exhaustivit\u00e9 et l&#039;exactitude des prix de march\u00e9, des donn\u00e9es et des informations provenant de tiers ne sont pas garanties et ces informations peuvent \u00eatre modifi\u00e9es sans pr\u00e9avis. Les investisseurs potentiels sont invit\u00e9s \u00e0 consulter un conseiller professionnel comp\u00e9tent avant toute d\u00e9cision d&#039;investissement. Lorsque des performances historiques sont pr\u00e9sent\u00e9es, il convient de noter que les performances pass\u00e9es ne pr\u00e9jugent pas des performances futures et ne doivent pas servir de base \u00e0 une d\u00e9cision d&#039;investissement. Rien ne garantit que les investissements non r\u00e9alis\u00e9s seront finalement r\u00e9alis\u00e9s aux valorisations prises en compte pour le calcul des performances des Fonds pr\u00e9sent\u00e9es ici, le cas \u00e9ch\u00e9ant. Les performances de ces investissements, une fois r\u00e9alis\u00e9s, pourraient diff\u00e9rer sensiblement. Ce document ne peut \u00eatre transmis, reproduit ni utilis\u00e9, en tout ou en partie, \u00e0 d&#039;autres fins, ni divulgu\u00e9 ou mis \u00e0 la disposition, directement ou indirectement, en tout ou en partie, de toute autre personne sans l&#039;autorisation \u00e9crite pr\u00e9alable de Bonnefield.<\/em>\u00a0<em>La copie, la distribution ou le partage de ce document ou de son contenu est express\u00e9ment interdit sans le consentement expr\u00e8s et \u00e9crit de Bonnefield.<\/em>\u00a0\u00a0\u00a0<\/p>\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>Ces derniers mois, la politique commerciale am\u00e9ricaine a occup\u00e9 le devant de la sc\u00e8ne, avec une intensification des discours sur les tarifs douaniers et le risque de repr\u00e9sailles de la part des partenaires commerciaux mondiaux. Bien qu&#039;aucun nouveau tarif douanier am\u00e9ricain n&#039;ait \u00e9t\u00e9 impos\u00e9 \u00e0 l&#039;agriculture canadienne, les investisseurs dans ce secteur se posent naturellement la question suivante\u00a0: quelle est la vuln\u00e9rabilit\u00e9 du secteur \u00e0 ces \u00e9volutions et quelles en sont les cons\u00e9quences pour les investissements dans les terres agricoles\u00a0?<\/p>","protected":false},"author":252,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[],"class_list":["post-34533","post","type-post","status-publish","format-standard","hentry","category-quarterly-newsletters-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Q2 2025 - Canadian Agriculture: Assessing our Exposure to Potential U.S. Tariffs - Bonnefield<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bonnefield.com\/fr\/news\/q2-2025-canadian-agriculture-assessing-our-exposure-to-potential-us-tariffs\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q2 2025 - Canadian Agriculture: Assessing our Exposure to Potential U.S. Tariffs - Bonnefield\" \/>\n<meta property=\"og:description\" content=\"In recent months, U.S. trade policy has taken center stage, with heightened rhetoric around tariffs and the potential for retaliatory actions from global trading partners. 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