A coalition of more than 150 business groups, including several in agriculture, wrote a letter to U.S. Trade Representative Robert Lighthizer this week regarding trade.
The Hagstrom Report says the groups fear additional 10 percent or 25 percent tariffs, put in place under Section 301 authority, will backfire. The letter says, “Continuing the tit-for-tat escalation with China only serves to expand the harm to more U.S. economic interests, including farmers, families, businesses, and workers.” The letter adds that unilaterally imposing tariffs on hundreds of billions of dollars in goods invites retaliation and has not resulted in meaningful negotiations or concessions.
Rather than lead to negotiations, the groups say the tariffs continue to miss the mark. The tariffs actually raise costs on American businesses and consumers. They say without any timeline for when the tariffs will be removed, the added costs and negative effects on businesses, farms, and citizens will only compound over time. Groups signing the letter include the Ag Transportation Coalition, the Corn Refiners Association, and many more.
Source: National Association of Farm Broadcasting News Service.