The European Union has announced retaliatory tariffs on $28 billion worth of U.S. products.
The tariffs would target U.S. goods like soybeans, almonds, pork, and dairy, with soybeans being the biggest export to Europe. This move follows the U.S. imposition of 25 percent tariffs on steel and aluminum imports.
EU president expressed regret over the tariffs, stating they are harmful to business and consumers, and they disrupt supply chains, raising uncertainty for economies and jobs in both regions.
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While the agriculture industry hoped details on proposed “bridge” payments for farmers would be released this week, Ag Secretary Brook Rollins said the USDA is still working with the White House on the finer points.
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Pressure on grain storage capacity and stronger export positioning are pushing more grain onto railroads, highways, and river systems as logistics become a key bottleneck this fall.
