The president did not provide more detail on which products would be affected, or if there would be any exceptions. (Robert F. Bukaty/Associated Press)
President Donald Trump said the U.S. would impose tariffs on “external” agricultural products starting on April 2, his latest threat to impose trade barriers on imported goods.
“To the Great Farmers of the United States: Get ready to start making a lot of agricultural product to be sold INSIDE of the United States. Tariffs will go on external product on April 2nd. Have fun!” the president said March 3 in a social media post.
The president did not provide more detail on which products would be affected, or if there would be any exceptions. It’s also unclear if his plan is part of a previously announced effort to enact so-called “reciprocal” tariffs on nearly all U.S. trading partners.
Trump has already imposed 25% tariffs on all steel and aluminum imports and said he would also pursue duties on a wide range of sectors, including automobiles, pharmaceuticals, semiconductors, lumber and copper — all in what he said is an effort to protect U.S. industries and boost American manufacturing.
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Trump’s latest threat comes at a precarious time for the U.S. economy, with persistent inflation a chief concern for Americans. Many economists say that higher import taxes will further raise prices, as companies pass along the cost to consumers.
(Bloomberg)
The administration the week of Feb. 24 announced plans to invest $1 billion in a new strategy to mitigate the impacts of bird flu, which has raised egg prices and slowed milk production across the U.S. — a key driver of inflation.
Still, Agriculture Secretary Brooke Rollins defended Trump’s plans to use tariffs to protect U.S. farm interests.
“His idea of using tariffs in his tool kit has proven very successful the first time. I have no doubt it will be successful again,” Rollins told reporters the week of Feb 24 at the White House.
Trump announced the week of Feb. 24 he would also move ahead with plans to impose 25% tariffs on Mexico and Canada, as well as an additional 10% levy on China, in an effort to force them to crack down on illegal fentanyl and migration. Those three countries are the largest U.S. trading partners.