President Trump’s tariff plan is slated to take effect this afternoon. It is a move months in the making, but now a number of ag groups are making a last-minute push, asking the Administration to reconsider.
Groups like the Farm Bureau, the National Farmers Union, and NASDA have all signed a letter to Ag Secretary Brooke Rollins, writing that sweeping tariffs would have negative consequences for the U.S. ag industry. They warn that retaliation would create hardships for farmers and ranchers who never recovered from the last round of tariffs.
They are asking for trade policy that advances U.S. agriculture and prioritizes new market access. President Trump is expected to enact the new trade policy this afternoon at 4:00 Eastern.
Not every industry is worried about the President’s plan, though. The Southern Shrimp Alliance welcomes tariffs, urging the President to effectively raise the price of foreign shrimp. The group accuses the Treasury Department of allowing foreign companies to directly compete with American fishermen and say it is causing multi-generational businesses to close shop. They hope tariffs will boost domestic production.
Economists are also closely watching how policy decisions in Washington could influence markets moving forward. Analysts say deferred futures for corn, soybeans, and wheat suggest markets are operating near break-even levels, not at prices that would encourage expanded production.
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