The impact of tariffs on consumers is well known. As we pay more to import certain products, consumers are having to compensate for that by paying more at the register. Things are not so clear when it comes to the effects that tariffs have on exports. We know that things are worse, but it’s difficult to figure out just how much we’re losing. Iowa State University Economist Chad Hart said that makes things tricky.
This trade war has opened the door for a country like Brazil to swoop in and take some of the market share that the U.S. has with China.
Hart said that a more measured and particular approach would likely make things easier on farmers and consumers.
The reality of the situation, though, is that farmers have to deal with elevated market pressure. Hart said he advises farmers to focus on the things that they can control financially while the economic storm passes.
For more insight, visit the ISU Ag Decision Maker at extension.iastate.edu/agdm/.
