Anger rises as tariffs take effect
Story Date: 7/5/2018

 

Source: POLITICO'S MORNING AGRICULTURE, 7/3/18

While lawmakers may have physically abandoned steamy Washington for cooler destinations, they're only beginning to heat up in their talks to curb President Donald Trump's rapidly spreading tariffs war. "I want to kill them," Trump loyalist Sen. Orrin Hatch (R-Utah) said of the tariffs, POLITICO's Burgess Everett reports.

Republicans' plan of attack: Hatch's Finance Committee is working on legislation to rein Trump in. Separately, Sens. Bob Corker(R-Tenn.) and Pat Toomey (R-Pa.) are still plotting what some have called a "hand grenade" amendment to stop Trump's offensive.

Not a party meeting goes by where Republicans don't fume over why the president isn't listening to them on trade, Burgess writes.
The wrath of the ag world: Senate Agriculture Chairman Pat Roberts (R-Kan.) tells POLITICO that the committee has met with the president about this issue. But Trump is "a protectionist who has his policy wrapped around the rear axle of a pickup. And it's hard to get out."

Fury from business sector: The U.S. Chamber of Commerce released a report Monday trying to hit home just how much every state is affected by retaliatory tariffs from China, the EU, Mexico and Canada. Several of the hardest-hit areas are in crucial swing states like Wisconsin, Pennsylvania and Michigan, the group said. "The administration is threatening to undermine the economic progress it worked so hard to achieve," President and CEO Tom Donohue said in a statement.

POLITICO's Ben White and Megan Cassella delve further into just how much business leaders fear that the president is damaging the American economy. 

What farmers are telling the press: The Wall Street Journal reports that farmers are anxious enough already about their coming bumper harvests and dairy glut. "We live and die by trade," Arkansas farmer Rusty Smith told The Journal. Fortune also spends time with farmers for its July issue — this powerful companion graphic breaks down the losses for farmers by state.

More numbers to worry soybean farmers: They're likely to lose $40 an acre. For soybeans alone, that's a loss of $3.5 billion to American soybean farmers, Kevin McNew, head of crop marketing analytics at Farmers Business Network, told MA.

McNew credited the loss to the fact that buyers are going to look to South America. "At least in the short term, these tariffs will ensure South American soybeans will trade at a premium compared to U.S. soybeans," he said. Your host had previously reported that Iowa farmers alone could lose $624 million in soybean sales and Ohio soybean farmers are likely to lose 59 percent of their income.

























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