Agriculture industry worried about Trump's tariffs - Entrepreneur Generations

Some in the agriculture industry panned President Trump's tariffs on steel and aluminum, which he enacted yesterday. Canada and Mexico are exempt, but Trump said that may change depending on how NAFTA negotiations go.

Some farmers are concerned that the tariffs may spark a trade war, especially since China is pointedly investigating U.S. sorghum imports and will likely target soybeans next. President of the American Soybean Association John Heisdorffer, who is also an Iowa farmer, said in a statement that the tariffs were a "disastrous course of action," and that "We have heard directly from the Chinese that U.S. soybeans are prime targets for retaliation." China is the top customer for U.S. soybean exports, buying $5 billion in 2017, which accounts for more than 60 percent of last year's sales, Ben Potter reports for Ag Web.

Farming equipment manufacturers are also worried. The Association of Equipment Manufacturers said in a statement that the equipment manufacturing industry is "profoundly disappointed" in President Trump's actions because the tariffs put "manufacturers at a competitive disadvantage, risk undoing the strides our economy has made due to tax reform, and ultimately pose a threat to American workers' jobs." The statement also noted that steel accounts for about 10 percent of equipment manufacturers' direct costs.

At a recent meeting at U.S. Department of Agriculture headquarters, Secretary of Agriculture Sonny Perdue said the ag industry is "rightfully concerned" and that "there is probably some legitimate anxiety over the trade issues," Natalina Sents reports for Successful Farming.

from The Rural Blog http://ift.tt/2tvcU15 Agriculture industry worried about Trump's tariffs - Entrepreneur Generations

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