Technology US farmers could take a significant hit from Trump's tariffs

05:10  06 july  2018
05:10  06 july  2018 Source:   cnbc.com

Trump denies he's to blame for Harley-Davidson decision

  Trump denies he's to blame for Harley-Davidson decision President Donald Trump is denying that his trade policy is responsible for Harley-Davidson's decision to some motorcycle production overseas. The company says it's doing so because of tariffs it's facing in a trade dispute between the U.S. and the European Union. But Trump says that's an excuse.

The Trump administration' s tariffs , a 25 percent duty on billion worth of Chinese goods, are set to take effect 12:01 a.m. EST on Friday. Beijing has said it would retaliate immediately with tariffs of its own. That leaves U . S . farmers in the crossfire. "Rural communities are dependent on agriculture.

“And can we start just by sitting down at the table?” Iowa’s senators — Joni Ernst and Charles E. Grassley, both Republicans In addition to soybean farmers , carmakers and Boeing would be hit hard by China’ s tariffs . Why Trump ’ s Tariffs Could Raise the Cost of a Hip Replacement. April 6, 2018.

Cows graze on a dairy farm in Porterville, California.© Provided by CNBC Cows graze on a dairy farm in Porterville, California.
  • Profits from U.S. farms are at some of their lowest levels in more than a decade, according to the Department of Agriculture.
  • U.S. tariffs on $34 billion worth of Chinese goods are set to take effect at midnight Friday ET. According to seventh-generation farmer Casey Guernsey, those levies will raise prices for U.S. dairy and beef farmers.
  • "We can’t afford any increase in price," he says.

The Trump administration's tariffs, a 25 percent duty on $34 billion worth of Chinese goods, are set to take effect 12:01 a.m. EST on Friday. Beijing has said it would retaliate immediately with tariffs of its own.

‘What the hell does that mean?’ Trump criticizes Canada, then says he doesn’t understand what he just read

  ‘What the hell does that mean?’ Trump criticizes Canada, then says he doesn’t understand what he just read WASHINGTON—U.S. President Donald Trump lobbed some new trade criticism at Canada on Wednesday. And then he said he did not understand what he had just said. Speaking at a rally in Fargo, North Dakota on Wednesday might, Trump took a break from his usual improvisation to read out a note card he said he had been given. It was a complaint about Canada’s wheat practices. Immediately after reading the note, the president declared that he had no idea what he was talking about.“John and Kevin gave me something, they told me this,” he said, likely referring to North Dakota Sen. John Hoeven and Rep. Kevin Cramer.

President Trump signed an order imposing stiff and sweeping new tariffs on imported steel and “The actions we are taking today are not a matter of choice; they are a matter of necessity for our security,” Mr The United States is the largest steel importer in the world and the order could hit South Korea

Trump can 't really help US farmers after all. "Chinese tariffs on U . S . agricultural products will likely result in significant trade diversion to other agricultural exporters, as Chinese buyers switch import orders for items such as beef, wine, fruits, soybeans and cereals to other nations such as Australia

That leaves U.S. farmers in the crossfire.

"Rural communities are dependent on agriculture. It’s their life blood," Casey Guernsey, a seventh-generation beef farmer in the Missouri-Kansas-Iowa area, told CNBC.

Chinese tariffs would raise the price of agricultural products and end up costing farmers in the state of Missouri alone around $138 million in one year, said Guernsey, owner of CL Guernsey, a family farm.

One in four pigs raised in the U.S. is sold overseas, and the Chinese are the world's top consumers of pork.

"We can't afford any increase in price," Guernsey said on "Closing Bell" Thursday. "The difference between making money and losing money per head sometimes is just a couple of dollars. And whenever you’re looking at duties like this, it could make or break the operation."

Trump delaying NAFTA deal until after midterm elections

  Trump delaying NAFTA deal until after midterm elections Trump delaying NAFTA deal until after midterm electionsBERKELEY HEIGHTS, N.J. - President Donald Trump intends to delay signing a revised version of the North American Free Trade Agreement until after the fall midterm elections, a move aimed at reaching a better deal with Canada and Mexico.

“In an already depressed farm economy, if we take another hit on soybeans and corn it’ s going to be disastrous,” Mr. Skunes said. A version of this article appears in print on , on Page A1 of the New York edition with the headline: Farmers ’ Anger at Trump Tariffs Puts G.O.P. at Risk in Midterms.

How a trade war with China hurts US farmers . President Trump acknowledged Monday that American farmers may be hurt by Chinese tariffs . A moment later, he said of China: "It' s not nice when they hit the farmers , specifically, because they think that hits me."

In fact, the tariffs might only make the situation worse for some farmers. The agricultural economy has been in a down slump for more than a decade. Profits from U.S. farms reached a 12-year-low in 2018, according to the Department of Agriculture.

President Donald Trump first proposed tariffs last March in an effort to fix what he deemed unfair trading practices and help both American consumers and business owners. Tariffs against Canada , Mexico and the European Union went into effect on June 1. Since then, Mexico, Canada and the European Union have issued retaliatory tariffs of their own, targeting items such as agricultural products, steel, motorcycles and spirits.

Guernsey said he's already seeing the negative effects play out in the farming community. Mexico, he said, is one of the top partners for beef products. "And we can't afford to lose that market whatsoever," Guernsey said.

The farmer, who also served as a Missouri state representative, said he was planning on building a new barn this year, but said it's now no longer economically feasible. Among his farm customers in Missouri, he said many are selling off their breeding stock.

"And that has long-term implications, not just for their farm, but for ours and for the entire community," Guernsey said.

Auto tariffs would be 'catastrophic' to Canada and cost 100,000 jobs, dealers warn .
The U.S. government threat to put a tariff on all Canadian-made vehicles would be "catastrophic" to Canada's economy, costing 100,000 jobs and adding as much as $9,000 to the sticker price of a new car if Canada responds in kind, dealers say. Following recently announced levies on steel and aluminum, U.S. President Donald Trump has repeatedly threatened in recent months to impose a similar tariff on Canadian-made vehicles, something the Canadian Automotive Dealers Association warned Friday may be enough to tip the entire economy into recession.

Source: http://ca.pressfrom.com/news/technology/-82420-us-farmers-could-take-a-significant-hit-from-trumps-tariffs/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!