New tariffs a concern for ag markets

The nation’s farm organizations shared concerns following the Trump Administration announcement of new tariffs on goods imported from Mexico and Canada and an increase in the tariff rate assessed on certain goods from China.

 President Trump’s 25% tariffs on goods from Mexico and Canada took effect just after midnight in the early morning hours of March 4. Canada responded swiftly with plans to impose 25% tariffs on nearly $100 billion of U.S. imports over two tranches, and Mexico’s president said it would also soon retaliate. The U.S. added an additional 10% tariff on Chinese imports overnight, compounding the 10% export tax imposed on China a month ago and existing duties on the country’s goods. China’s comeback was quick: 10% retaliatory tariffs on U.S. soybeans and additional actions that limit market access.

Meat Export Federation (USMEF) President and CEO Dan Halstrom expressed disappointment in the lack of agreements to avoid or postpone tariffs on goods from Mexico and Canada, as well as the tariff increase on goods from China.… Continue reading