Farm Bureau Economist Warns of Tariff Risks

President Trump’s plan to raise U.S. tariffs to match those of other countries could have major consequences for agriculture, according to American Farm Bureau economist Betty Resnick. “Trade is super vital. The ability to export is super vital to American farmers.” Resnick warned that tariffs could impact farmers in multiple ways, including higher costs for inputs, potential retaliatory tariffs, and a stronger U.S. dollar making exports less competitive.  While some agricultural groups welcome the effort to create fairer trade conditions, Resnick cautioned that the industry has much to lose. “Agriculture is one of the industries that has benefited most from the free trade environment we’ve had post-World War II so if you’ve gained the most from free trade, we also potentially have the most to lose.”