Tariff Pause Two
From the Ag Information Network, I’m Bob Larson. President Trump’s 90-day pause on tariffs has been extended, but not his threat, telling the heads of top Ag trading partners they could soon face steep levies.
President Trump told Japan and South Korea they now have ‘til August 1st to further reduce trade barriers or face a 25% tariff. And he’s threatened more than a dozen nations with levies of up to 40% …
TRUMP … “They’ve had their way for many, many decades, as you know, and it was time that we just wanted fairness. This is not equitable from our standpoint, because it’s just a small token by comparison to the damage that’s been done over the years.”
Farm groups fear retaliation, but Trump and U.S. Trade Representative Jamieson Greer see U.S. duties as the leverage needed to close trade deficits …
GREER … “Sometimes, they have exports to us that are driven by subsidies and unfair trading practices. And then, obviously, they have non-reciprocal treatment on their end where they block our exports. Sometimes, they’re prohibitive tariffs and quotas that are not administered in the appropriate way.”
President Trump made deals with the UK and Vietnam and opened the door to one with China …
GREER … “The Chinese did not comply with this agreement in large part. I’ve had a call with my counterpart. I communicated to him our feelings on this, that they have not complied with the agreement. It’s not surprising, but we are certainly disappointed by that.”
Ag Secretary Brooke Rollins says the U.S. will also move to ban sales of farmland to foreign adversaries.
