IowaWatch (https://www.iowawatch.org/tag/tariffs/)
As President Donald Trump continues to wage a multi-front trade war with some of the United States’ biggest economic partners, farmers have borne some of the heaviest financial burden. More than a third of the country’s trade disputes relate to agriculture, an analysis of disputes submitted to the World Trade Organization showed.
Iowa faces a workforce shortage, uncertain markets due to tariffs, and an increasingly complicated global connection. That got us to thinking: Where are the points for optimism? We asked business leaders that question for this IowaWatch Connection podcast. For more on the IowaWatch Connection, and where you can hear it on 19 Iowa radio stations every weekend, GO TO THIS LINK.
Argentina and Brazil may fill China’s soybean needs if China imposes a 25 percent tariff on U.S. soybean exports. Chad Hart, an agriculture economist at Iowa State University, said the impact depends on what happens during negotiations. IOWA NOTE: China is the second-largest market for Iowa exports ($2.3 billion in 2016 – $1.8 billion of it oilseeds and grains), behind Canada ($3.4 billion in 2016). “It is so hard to say, ‘This is what is going to happen.’ There are so many other moving parts,” he said. “This is a disagreement between the U.S. and China, but it has ramifications for Argentina and Brazil.”
Earlier this month, the United States and China both announced taxes on billions of dollars worth of imported goods — China is seeking tariffs on $50 billion worth of U.S. products that include soybeans and pork, while the U.S. announced taxes on $150 billion worth of 1,300 Chinese products, including electronics.