THE DAY AT A GLANCE

• Butt Branded Steers $24
• Markets Rally as Trump Backtracks on Reciprocal Duties, Pausing Tariffs For 90 Days
• Water looms as new front in Mexico’s trade negotiations with the US
• How will people shop if everything is about to get more expensive?
• Vietnam becomes hot-spot for offshore red meat processing investment
• Vietnamese exporters on edge following Trump’s “liberation day”
• Mexico’s light vehicle exports have their worst first quarter since 2021
• FMD outbreak at Slovakian dairy farm with 3,000 cows
• Detailing China’s tariffs on US food exports
• An American-Made iPhone: Just Expensive or Completely Impossible? (WSJ)
• How Mexico Emerged From Tariff Broadside With an Edge Over Asia (WSJ)
• US-China Brawl Takes Center Stage in Global Trade War (WSJ)
• Today’s hide trend: bearish

Heavy Texas Steers

View the Heavy Texas Steers data spreadsheet.

Butt Branded Steers

1. Butt Branded Steers 64/68 lbs. sold at $24.00.

View the Butt Branded Steers data spreadsheet.

Prices above derive from insider information we harvest daily.
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INDUSTRY NEWS

Markets Rally as Trump Backtracks on Reciprocal Duties, Pausing Tariffs For 90 Days

Footwear News

On April 9, 2025, President Trump announced a 90-day pause on new reciprocal tariffs after facing backlash from global trading partners and market turmoil. Initially set to implement steep import duties, including a potential 125% tariff on Chinese goods, the administration backtracked and instead imposed a temporary 10% tariff. This move came amid escalating tensions, with China raising retaliatory tariffs and the EU approving countermeasures. The announcement triggered a major stock market rally, with the Dow Jones surging nearly 6% and the Nasdaq jumping almost 10%, marking the biggest single-day gains since 2020. Read the full article here. 

Water looms as new front in Mexico’s trade negotiations with the US

Reuters

Mexican officials are urgently working on a plan to increase water deliveries to the U.S. amid concerns that President Trump may link a long-standing water treaty to broader trade negotiations. The 1944 treaty requires Mexico to send 1.75 million acre-feet of water from the Rio Grande to the U.S. every five years, and officials fear the issue could become a new point of leverage in Trump’s escalating trade agenda. Read the full article here. 

How will people shop if everything is about to get more expensive?

Vogue Business 

As tariffs take effect, consumer anxiety is surging, with many Americans worried about rising prices on goods ranging from luxury items to everyday essentials. Social media is flooded with warnings and jokes about buying before the economic impact deepens, and experts note that consumer confidence has dropped to a 12-year low. While some costs may be absorbed by brands or manufacturers, much of the burden is expected to fall on shoppers, prompting many to turn to secondhand markets. The luxury sector is already suffering, with stock declines and fears that only ultra-wealthy consumers will keep spending. Meanwhile, brands face growing uncertainty, and experts warn that unstable consumer behavior and fluctuating policies could define the retail landscape for years to come. Read more. 

Vietnam becomes hot-spot for offshore red meat processing investment

Beef Central

Vietnam is emerging as a key destination for offshore meat processing investment, with Brazilian meat giant JBS announcing a $100 million joint venture with the Vietnamese government to build two processing plants—one in the north and one in the south—focused on beef, pork, and chicken from imported sources like Brazil and Australia. These plants aim to supply both domestic and Southeast Asian markets. Japanese conglomerate Sojitz also opened Vietnam’s largest beef processing facility, capable of handling 30,000 cattle per year, targeting rising demand for high-quality, chilled beef as income levels and population grow. Both JBS and Sojitz see Vietnam as a strategic hub for expansion, leveraging modern cold-chain logistics and joint ventures to drive regional food security, job creation, and market diversification. Read more. 

Exporters on edge following Trump’s “liberation day”

Vietnam Investment Review

The sudden imposition of a 46% U.S. tariff on Vietnamese imports, effective April 9, has sent shockwaves through Vietnam’s export-driven economy, threatening key sectors like textiles, footwear, electronics, wood, and seafood. With the U.S. accounting for nearly 30% of Vietnam’s exports and over a quarter of its GDP, the tariff could reduce exports to the U.S. by up to 30%, according to VPBank Securities. Industry leaders are urgently assessing the impact and calling for greater transparency in supply chains to prove origin, while urging diversification into other markets through free trade agreements. Despite the challenge, officials and business leaders remain hopeful, pushing for policy support, tax relief, and diplomatic negotiations to mitigate damage, especially to the leather and wood industries, which are deeply tied to the American market. Read the full article here. 

Mexico’s light vehicle exports have their worst first quarter since 2021

Mexico News Daily

Mexico’s light vehicle exports fell by 6% in the first quarter of 2025, totaling 775,866 units—marking the steepest quarterly drop since 2021, according to INEGI. While March saw a 3.8% rebound in exports and a 12.1% rise in production, these gains couldn’t offset sharp declines in January and February, driven largely by uncertainty surrounding new U.S. tariffs. Despite the export dip, overall production rose by 4.8% in Q1, with light trucks comprising over 76% of output. The U.S. remains Mexico’s largest automotive export market, receiving 83% of vehicles. Although Mexico retains partial exemptions under the Trump administration’s tariff regime, industry concerns have emerged, with Stellantis pausing some production, while Nissan has reaffirmed its commitment to ongoing operations in Mexico. Read the full article here. 

FMD outbreak at Slovakian dairy farm with 3,000 cows

EuroNews

An outbreak of Foot-and-Mouth Disease (FMD) has struck a large dairy farm in Plavecký Štvrtok, Slovakia, owned by Denmark’s FirstFarms, affecting nearly 3,500 cattle—3,000 of which are dairy cows now slated for culling. This marks Slovakia’s fifth recent FMD outbreak, with the virus also affecting two dairy farms in Hungary. The disease is spreading beyond previously affected zones, raising concerns in neighboring Austria and the Czech Republic. Authorities suspect human transmission between regions. With FirstFarms also operating pig farms, fears are growing that FMD could spread to swine. In response, the UK has banned imports of live cattle, fresh meat, and dairy from Austria, extending similar restrictions already in place for Slovakia and Hungary, as officials urge heightened vigilance. Read the full article here. 

Detailing China’s tariffs on US food exports

Meat + Poultry

The trade war escalates further as China imposed a 44% tariff on US soybean exports—its top agricultural import from the US—in response to new US tariffs announced by the Trump administration on over 50 countries. These retaliatory tariffs, effective April 10, follow Trump’s April 2 declaration of sweeping new levies and a threatened 50% hike on April 7. The move has significantly impacted U.S. agricultural exports, with other products like sorghum, wheat, corn, dairy, and meat also now facing tariffs between 44% and 49%. U.S. soybean prices fell sharply, and analysts note that China will likely rely heavily on Brazil, further weakening the U.S. market. Industry leaders are urging the administration to pursue new trade agreements to mitigate damage and recover lost market share, particularly in light of lingering effects from past trade tensions. Read the full article here.

An American-Made iPhone: Just Expensive or Completely Impossible?

The Wall Street Journal

Bringing iPhone production to the U.S. under President Trump’s tariff push is a bold vision, but experts say it’s nearly impossible in the short term. Despite political pressure and lofty rhetoric about reshoring manufacturing, the iPhone’s complex global supply chain—spanning over 40 countries—makes fully American-made iPhones unrealistic. Skilled labor shortages, lack of advanced tooling expertise, and high manufacturing costs in the U.S. further complicate the plan. While some component manufacturing could shift to North America, a complete transition would take years and massive investment. Even then, maintaining current iPhone quality and pricing would be highly unlikely. Read the subscriber-only article here. 

How Mexico Emerged From Tariff Broadside With an Edge Over Asia

The Wall Street Journal

As Trump’s new tariffs target China and Vietnam, Mexico gains a competitive edge due to its mostly tariff-free status under the USMCA. While it still faces some levies, its proximity, skilled labor, and strong U.S. ties make it a key nearshoring hub. Mexico’s share of U.S. imports is rising, and its measured diplomatic approach may attract further investment—especially in the vital auto sector. Read the subscriber-only article here. 

US-China Brawl Takes Center Stage in Global Trade War

The Wall Street Journal

The trade war with China escalated Wednesday at midnight, raising total tariffs on Chinese goods to 104%, with threats of pushing them even higher. Beijing responded with vows to “fight to the end,” viewing the measures as an existential threat, while Trump frames China’s trade dominance as proof of a rigged global system. The tit-for-tat retaliation—including Chinese tariffs on American goods and currency devaluation—signals a deepening standoff with no sign of resolution. As global markets brace for more disruption, economists warn the world is heading toward a fractured economic order, with US-China tensions at the core. Read the subscriber-only article here. 

INDUSTRY EVENTS

Milan Design Week, April 8–13

An in-depth look at the most significant event in Italian and international design. The Salone del Mobile, also known as the Milan Furniture Fair, will be held from April 8 to 13. Read more here.

Aircraft Interiors Expo 2025, Hamburg, Germany, April 8–10

This expo highlights the latest advancements in aircraft interior technologies and passenger experience solutions, bringing together key stakeholders from global airlines, suppliers, and designers. Read more here.

High Point Market S25, North Carolina, April 26–30

“Home of Home Furnishings,” High Point Market is a destination for all things design. Read more here.

AYSAF 2025, Istanbul, Turkey, April 29–May 2

This international trade fair focuses on the leather and footwear industries, featuring leather products, shoe soles, machinery, and accessories. Read more here.

Australian Fashion Week 2025, Sydney May 12-16

Australian Fashion Week 2025 is under new management by the Australian Fashion Council, with Shark Beauty as its new title sponsor. The event will showcase collections from over 30 prominent designers including Carla Zampatti, Ksubi, Romance Was Born, and Aje, alongside emerging talent featured in the new Frontier Group Show. Supported by Destination NSW, AFW aims to revitalize the nation’s fashion industry following a challenging period marked by brand closures like Dion Lee and Harrolds.

Interwoven Textile Fair (ITA), High Point NC, May 20-22

Semi-annual event, brings together all segments of the textile industry, offering fabric, leather and trim presentations. More than 600 buying companies during each event. Typical exhibitors schedule an average of 100+ appointments during the week. Read more here.

Stockholm Fashion Week making a comeback, June 2-5

After a six-year hiatus, Stockholm Fashion Week is returning as a fully physical event, now with backing from the Swedish government. Organised by the Association of Swedish Fashion Brands (ASFB), the reboot aims to provide local designers with greater international exposure, particularly to buyers and press. Unlike past editions, brands will produce their own shows in unique venues with ASFB offering logistical support, and a new programme, STHLMFW Front, will spotlight emerging talent. While sustainability is not a central theme of the event, organizers say it’s already deeply embedded in Swedish fashion culture, with eco-friendly practices seen as standard.Read more here.

Pitti Uomo, Florence June 17-20

The renowned Japanese label, Homme Plissé Issey Miyake, will stage an Italian-inspired runway show in Florence at Pitti.

Sustainable Leather Forum (SLF), London, UK, June 19–20

An event focusing on sustainability in the leather industry, discussing eco-friendly practices, innovative technologies, and sustainable solutions in leather production. Read more here.

Shoes & Leather 2025, Ho Chi Minh City, Vietnam July 9-11

A leading trade fair for the footwear and leather industry, showcasing machinery, materials, and finished leather goods while connecting manufacturers with global buyers. Read more here.

Scoop “For Fashionable People” SS26, London July 13-15

The premium fashion and lifestyle trade show, Scoop, is entering a landmark season with a move to its newly renovated home at Olympia National in Kensington—a historic venue with a rich fashion legacy. The upcoming SS26 edition, themed “For Fashionable People,” promises to celebrate joy, optimism, and emerging design talent, offering a curated mix of premium womenswear, luxury home, beauty, lifestyle, and menswear collections. With its former co-located event Pure London now relocated to Birmingham, Scoop will be the sole fashion showcase at Olympia, aiming to make a fresh and impactful statement in its bright new setting.

EXPORTS

View the USDA Combined Export Sales data spreadsheet.

MARKET OBSERVATIONS

The gloom and doom, continued despite a 90-day pause in tariffs with some countries. While we did report some sales, the frustration out in the hide and leather industry is tangible. Lists have gone out. Long lists at that. “Not a bid,” some sources reported. Most were busy trying to figure out their shipments, ones en route, scheduled and planned. Reports of some drastic steps by Chinese exporters to avoid horrendous tariff costs, include ditching shipments mid-voyage and surrendering containers to shipping companies.

People are asking themselves, how long can we hang on this rollercoaster before things really pop? Some are optimists and working on what they can control by focusing on possible logistics alterations like re-routing, trade negotiations, business strategies, and consumer/client impact. The big question is whether the pause-truce will hold or is it just a calm before the next round of trade tensions?

American stocks surged on Wednesday (Dow Jones Industrial Average records 2,962.86 points, 7.9%) after the 90-day tariff pause was announced, and a strong Treasury auction. The S&P 500 and Nasdaq also posted their biggest one-day point gains ever, up 9.5% and 12% respectively, marking their strongest performances in over a decade. And what does that do for the hide and leather industry, especially if the Chinese are out of the picture?

We are interested in how people are managing the flow from slaughter to the tannery and would love to hear from you. It also goes without saying that if we all pool together all facts and figures, Hidenet will be able to give all of you a more nuanced and balanced report of the market. This is YOUR portal. We are also interested in hearing from anyone who is at the Aircraft Interiors Expo 2025, in Hamburg. Contact me at: majsan@hidenet.com.

FEDERALLY INSPECTED SLAUGHTER

PRICES AT THE CLOSE OF TRADING TODAY

* BOLD signals new prices of the day.