Trade

US farmers likely to be first casualty in tariff tit-for-tat

Grain Central, June 1, 2018

UNITED States farmers fear they are likely to be the first casualty if the Trump administration’s steel and aluminium import tariffs that come into effect today provoke a global trade war.

In a move that has already seen retaliatory measures, the Trump administration announced yesterday its intention to impose a 25 per cent tariff on steel and a 10pc tariff on aluminium imports into the United States from the European Union, Canada and Mexico.

The US National Farmers Union (NFU), a grassroots, producer-driven organization, has long advocated fair and transparent trade policies that reduce the US trade deficit and support family farmers and ranchers.

In response to the announcement, National Farmers Union (NFU) president Roger Johnson released the following statement:

“Unfettered free trade has characterised US trade relationships for many decades, often at substantial cost to our farmers and ranchers and our nation’s economy. Though we agree with President Trump’s inclination to address unfair trading practices and reduce our trade deficit, provoking a global trade war with our closest allies hardly seems like a solution.

“Indeed, these on-again, off-again tariffs will likely result in the opposite of their intended effects. Agriculture is always the first casualty of retaliatory tariffs, and it is no different in this instance. All targeted countries have already announced that they will levy taxes on a number of US agricultural products, which could have widespread, negative consequences for family farmers and ranchers.

“Family farmers and ranchers are already experiencing severely depressed farm prices and a 12-year low in farm income. They cannot afford to serve as collateral in a trade war. We again urge President Trump and his administration work with Congress to immediately put a plan in place to protect farmers, ranchers, and rural communities from retaliatory actions.”

Source: NFU

HAVE YOUR SAY

Your email address will not be published.

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.

Comments

Get Grain Central's news headlines emailed to you -
FREE!