Tariff Situation Update

Lorrie Boyer

Reporter

After so many tariff moves going on, American Farm Bureau Federation Economist, Betty Resnick gives a rundown of where things are at currently.

“When it comes to tariffs, we now have an additional 20% tariff on all Chinese products, and that went into effect in two different stages, the 25% tariff put on Canada and Mexico on March 4 has been paused until April 2 for USMCA compliant products. Canada's retaliatory tariffs that started on March 4 are still in effect and have been expanded in response to our new tariffs on steel and aluminum from all countries and tariffs will affect American agricultural goods. China's new retaliatory tariffs impact about $21 billion of agriculture products, with an additional 15% tariff on chicken, cotton, corn, and wheat, and 10% on a slew of other ag items, including sorghum, soybeans, pork, beef, fruits and vegetables and dairy products. Canada put a 25% tariff on approximately $5.8 billion of agriculture goods.”

Canada's tariffs will be put on us, wine, fresh fruits, poultry and dairy. And there are more tariffs that are planned.

“The next big date we're tracking is April 2, and that's when the US has said it will reveal and put into place its reciprocal tariff plan. The EU will also start its retaliatory tariffs coming from our new aluminum and steel tariffs in April. So there's gonna be a lot of action that first half of April.”

American Farm Bureau's Betty Resnick.