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US: Steel trade war worries agriculture industry

When his turn came to question Treasury Secretary Steven Mnuchin during a House Appropriations Committee hearing on Tuesday, Congressman David Young relayed a concern he'd just heard from a farmer in the hallway.

"He says, 'There's not a day on the farm when a farmer doesn't touch steel,'" the Republican from Iowa told Mnuchin. "The agriculture industry is worried about these tariffs on aluminum and steel. How much do you know about the proposed tariffs?"

Historically, agricultural products take a hit when the US targets imports of industrial goods. Other countries have imposed countermeasures like tariffs on US goods and sometimes outright bans that have depressed sales.

The same thing may happen again now that Trump has carried through with his promise to impose tariffs of 25% on steel and 10% on aluminum.

In response to what it refers to as this "deeply unjust" plan, the European Union has said it is considering new tariffs on American products ranging from cranberries to peanut butter.

Read more at CNN Money (Lydia DePillis)

Publication date: 3/12/2018


 


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