This week, the Trump Administration placed tariffs on imports from virtually every country on the planet, at rates that are higher than the infamous Smoot-Hawley tariffs of 1930.
This week, the Trump Administration placed tariffs on imports from virtually every country on the planet, at rates that are higher than the infamous Smoot-Hawley tariffs of 1930.
Transcript
President Donald Trump: “And today we're standing up for the American worker, and we are finally putting America first."
This week, the Trump Administration placed tariffs on imports from virtually every country on the planet, at rates that are higher than the infamous Smoot-Hawley tariffs of 1930.
Trade analysts estimate that up to 68% of goods imported into the United States fall under the new tariff scheme. Economists estimate the cumulative cost of tariffs could act as a $3,800 dollar annual tax on each U.S. household annually.
While the additional costs of agricultural inputs for the 2025 crop season driven by the Trump tariffs are still being calculated, exporters of farm commodities are waiting on the reaction of trading partners around the globe. Retaliatory tariffs from export destinations would alter trade volumes in the coming months.
The global reaction to the new tariffs has been cautious as nations discuss their options both internally and with geographic partners.
China responded with a 34% percent tariff on all American imports, and controls on the exports on rare earth materials.
Exports of bulk grain declined during the first Trump Administration primarily due to a tariff conflict with China. Farmers received over $60 billion in cash payments in 2019 and 2020 to make up for lost sales due to the tariff tiff. Grain exports rebounded during the Biden Administration, with shipments in the last four years each exceeding previous highs.
During a visit to an Iowa ethanol plant on Monday, new Secretary of Agriculture Brooke Rollins assured farmers that an aid plan will be in place if farmers need cash to offset trade disruptions.
Sec. Brooke Rollins, U.S. Department of Agriculture: “But if necessary, we are ensuring that we are set up. We have the infrastructure ready to make whole again what that will look like.”
For Market to Market, I’m Peter Tubbs.
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