A new study from USDA’s Economic Research Service shows the impact of retaliatory tariffs on U.S. ag.
The report found the 2018 implementation of Section 232 tariffs on steel and aluminum were met by more tariffs targeting U.S. ag exports.
USDA says that the direct losses, as a result, totaled more than $27 billion dollars by the end of 2019. Also, China is responsible for about 95 percent of those losses. Europe contributed $600 million dollars to the deficit, and Mexico contributed $500 million dollars.
Related:
Japan drops tariffs on U.S. frozen fries
China extends tariffs on 11 ag products, again
Vietnam revises import tariff rates, bringing hope for the new year
Farm groups ask international trade court to remove tariffs on Moroccan phosphate