AP file photo
Recent studies by North Dakota State University revealed that U.S. tariffs and resulting retaliatory actions are driving significant economic losses for American agriculture, heavily impacting exports and raising farming costs. The study found that retaliatory tariffs from China caused roughly $15 billion in annualized losses for American agricultural exports.
China’s embargo on U.S. soybeans alone accounts for almost half the total at $6.8 billion. It’s also caused significant damage to beef, poultry, and cotton exports. The study also showed that tariffs levied on agricultural imports, particularly those enacted under the International Emergency Economic Powers Act, have sharply increased costs for farmers.
Trade Monitor analysis shows that tariffs on food and agricultural inputs have heavily reshaped global sourcing.
While imports from tariffed countries like Brazil and India have dropped sharply, reliance on geopolitically volatile markets like Russia has increased, opening the U.S. to longer-term supply chain vulnerabilities.
NAFB news service
Comments