The U.S., Canada and Mexico are getting close to a deal to lift U.S. steel and aluminum tariffs on its North American allies, clearing the way for ratification of a new trade pact for the three countries, says U.S. Treasury Secretary Steven Mnuchin.
If American almond, citrus, pork, apple and dairy farmers want any chance of regaining their markets in China, Mexico and Canada, U.S. steel and aluminum tariffs will likely have to be lifted. The problem, however, is the threat of cheap foreign metal flooding the U.S. market is now as high as ever.
Retaliation from around the world to U.S. steel and aluminum tariffs is still hitting farmers and ranchers here hard, but the pain could get a lot worse if President Donald Trump follows through with threats to impose new import taxes on cars and car parts.
U.S. and South Korean negotiators have reached a preliminary agreement to preserve the six-year-old free trade pact between the two countries that has been very lucrative for U.S. agricultural exports, say Trump administration officials.
President Donald Trump today signed off on a plan to punish China for years of stealing intellectual property by imposing about $60 billion worth of tariffs on Chinese goods. The move came despite a growing chorus of warnings from Capitol Hill and farm groups that China will retaliate by taxing or blocking U.S. agricultural goods.
The U.S. ag sector, already reeling from depressed prices, understands the White House’s desire to punish trade abuses by countries like China, but there is a growing fear that President Donald Trump’s aggressive tactics and rhetoric are threatening overseas markets, according to farm and trade officials speaking today at an Agri-Pulse forum.
The European Union, Brazil, South Korea, Japan and other steel and aluminum exporters are scrambling to try and get exemptions to President Donald Trump’s tariffs, while much of the U.S. ag sector is worried they’ll be harmed by a backlash.
USDA chief Sonny Perdue today came out in support of President Donald Trump’s trade policy tactics in proposing steep tariffs on steel and aluminum imports, but also stressed that the U.S. ag sector is rightfully concerned that it could suffer from foreign retaliation.
The U.S., Canada and Mexico announced progress today at the conclusion of the seventh round of North American Free Trade Agreement talks in Mexico City, but it was the U.S. plan to levy steep tariffs on steel and aluminum imports that took center stage.