President Donald Trump’s tariffs on imported steel and aluminum products are giving United States agriculture heartburn. Analysts expect retaliation to come soon, but they do not think Congress can stop President Trump from imposing the duties on imported steel later this month.
The President recently announced he would impose new, across-the-board tariffs on all steel and aluminum products imported into the United States. Trump’s reasoning behind the tariffs was with regards to national security reasons.
David Juday, Juday Group commodity analyst and principal, says all of U.S. agriculture is at risk.
“The top 11 countries supplying steel to the United States account for 80-percent of all U.S. steel imports; those imports were worth about $17.52 billion last year. Comparatively, those same countries account for 62 percent of total U.S. agricultural exports, valued at $86.6 billion—nearly a 5-to-1 ratio,” Juday said.
Agricultural interests fear retaliation from major buyers of soybeans who are also large exporters of steel to the U.S.
To read Juday’s column in The Weekly Standard, click here.