Reciprocal tariffs on most trade partners are largely paused for three months. One ag lawmaker says that 90 days gives hem time for discussions.
“We will have agricultural crops being harvested before you know it, and we need to have those markets available. Having a 90-day pause gives us the opportunity to complete some of that important work before we start harvesting. 90 days go by pretty quickly. Hopefully, we can get that work done at the bargaining table because I think we really need to get our trade representatives buckled in for getting a lot of good work done in a very short amount of time,” said Rep. Dan Newhouse.
China was the only trade partner excluded from the pause. President Trump upped their tariff rate to 145 percent, and that includes a prior 20 percent tariff on concerns of drug trafficking.
Some ag groups say no matter what happens, they just want stability. The Ag Retailers Association warns that global supply chains cannot adjust on a dime and says the current situation has become too unpredictable.
It is why they are asking for areas to get attention in the wake of all the recent trade action. They would like to see a new Farm Bill on the books, increased domestic energy production, regulatory reform, and pragmatic policy on foreign shipbuilding. The group says the appreciate moves taken so far to re-balance trade, but say it cannot be allowed to disrupt supplies.
Shaun Haney joined RFD News to discuss the potential impact of the Trump-Xi summit uncertainty, ongoing agricultural trade talks, and why geopolitical developments could carry important implications for farmers and global commodity markets.
