Trump Trade: U.S. to remove 50% tariffs on certain Canadian products

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.

TARIFFS: President Trump announced reduced Canadian tariffs on certain products. In a proclamation, Trump said, “Except as otherwise provided in this proclamation, certain products of Canada, as set forth in Annex I, Part A to this proclamation, imported into the United States shall no longer be subject to the additional ad valorem duty of 50 percent imposed pursuant to Proclamation 11048, as amended. In addition, certain products of Canada, as set forth in Annex I, Part B to this proclamation, imported into the United States shall be subject to the additional ad valorem duty of 50 percent imposed pursuant to Proclamation 11048, as amended. The duties imposed pursuant to Proclamation 11048, as amended, and as modified in this proclamation, shall apply in addition to duties imposed pursuant to section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862). These changes shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern time on October 30, 2026.” Publicly traded companies in the agriculture space include Andersons (ANDE), Archer Daniels (ADM), Bunge (BG), CF Industries (CF), Compass Minerals (CMP), Intrepid Potash (IPI) and Mosaic (MOS). Names in the forestry space include West Fraser Timber (WFG), LP Building Solutions (LPX), UFP Industries (UFPI) and Boise Cascade (BCC).

SOP PROJECT: Intrepid Potash announced that the U.S. Department of Agriculture, USDA, selected Intrepid’s sulfate of potash, SOP, project for approximately $139M in proposed matching funding to support the construction of a SOP manufacturing facility near Carlsbad, New Mexico, through its Fertilizer Investment & Expansion for Long-Term Domestic Supply, FIELDS, program. If constructed, the SOP plant would introduce a new product to Intrepid’s portfolio, further diversifying the Company’s product offerings and expanding its presence in specialty fertilizer markets by complementing its Trio and potash fertilizer products.

NAVY CONTRACT: Lockheed Martin (LMT) was awarded a $114.63M cost-plus-fixed-fee order against a previously issued basic ordering agreement. This order provides nonrecurring engineering, redesign, integration, qualification, and testing for two F-35 Lightning II navigation systems: the Global Positioning System Electronic Unit and the NAV100 Inertial Navigation System. The effort will replace obsolete electronic components while maintaining system performance and compatibility with existing aircraft systems. These redesigns are intended to prevent production disruptions, address diminishing manufacturing sources, and support the continued production and sustainment of F-35 aircraft for the Air Force, Navy, Marine Corps, and F-35 cooperative program partners. Work is expected to be completed in January 2030. FY26 aircraft procurement funds in the amount of $46.41M; FY26 aircraft procurement funds in the amount of $46.41M and F-35 cooperative program partner funds in the amount of $21.81M, will be obligated at the time of award. This order was not competitively procured. Naval Air Systems Command is the contracting activity.

CACI (CACI) has been awarded a five-year task order valued at up to $281M by the U.S. Navy’s Naval Surface Warfare Center Crane to support in strengthening and advancing next-generation electromagnetic warfare capabilities across the Department of War. As part of this work, CACI will deliver research, analysis, assessment, and prototype development to enhance electromagnetic spectrum operations across multiple operational environments.

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Originally Posted October 26, 2026