A return of tariff politics would damage farm incomes, according to a study commissioned by the American Soybean Association and the National Corn Growers Association.
A return of tariff politics would damage farm incomes, according to a study commissioned by the American Soybean Association and the National Corn Growers Association.
Transcript
A return of tariff politics would damage farm incomes, according to a study commissioned by the American Soybean Association and the National Corn Growers Association.
The study, conducted by World Agricultural Economic and Environmental Services, estimates a dramatic drop in corn and soybean exports to China if retaliatory tariffs return to the trade relationship. Details in the white paper show that higher tariffs on soybeans imported by China would cause them to cut purchases by 51 percent, a decline of 16 million metric tons. Corn imports to China would nosedive by an estimated 81 percent or nearly 2.2 million metric tons.
Former President Donald Trump, March 8, 2018: “Today, I am defending America’s national security by placing tariffs on foreign imports of steel and aluminum,”
Former President Donald Trump has made high tariffs on imported products a centerpiece of his 2024 campaign. The 2018 decision to increase the duty on Chinese imports during the Trump Administration sparked a tariff war that caused a dramatic drop in exports to China. The fallout from the move included a series of federal relief payments to American farmers totalling $28 billion. Researchers also predict China would turn to Brazil to fill the gap cutting into U.S. marketshare. Also, Brazilian farmers would put more land into production to increase their output to meet Chinese demand.
For Market to Market, I’m Peter Tubbs.
Watch More
The head of U.S. trade is called to Capitol Hill to answer questions about tariffs along with producer and consumer prices. One egg producer is expanding his supply chain, one small farm at a time. And, commodity market analysis with Dan Hueber.
USTR Jamieson Greer appeared in front of the U.S. House Ways and Means Committee this week. Committee members focused their questions on President Trump's tariff policy.
Dan Hueber talks higher markets, trust in numbers, the Iran War and weather.
Dan Hueber talks corn, cattle and market rallies.
Vital Farms has found rapids growth in specialty eggs by working with hundreds of farms across the "Grazing Belt".
Data paints farmers further behind with the price spikes in fertilizer and fuel. Oversight comes to the committee room for the CFTC. The dairy industry finds balance as new tastes churn fresh optimism. And, commodity market analysis with Ted Seifried.