Farmers hoped for a trade deal. Instead, tariffs went up
Farmers hoped for a trade deal. Instead, tariffs went up
The U.S. and China could have struck a deal this week, putting an end to the longstanding trade war between the world’s two largest economies.
Instead, President Trump raised tariffs on more than $200 billion worth of Chinese imports. The rate was raised from 10% to 25%, sending shock though the stock market.
U.S. agriculture has been hit particularly hard by trade tensions. American farmers have been paying retaliatory tariffs to China for soybeans and other crops since last year.
Brian Duncan, who farms hogs, corn and soybeans, is the vice president of the Illinois Farm Bureau. He sat down with the Marketplace host Kai Ryssdal to discuss how trade issues could put many farmers out of business.
“We’ve been given a lot of promises on trade deals and, so far, nothing. Promises don’t pay the bills.”
Brian Duncan, farmer & vice president of the Illinois Farm Bureau
Stories You Might Like
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
