Nearly $34 billion! That’s how much China bought from the U.S. in ag products in 2023—making China the number one destination for U.S. ag exports. However, since President Biden recently increased tariffs on Chinese goods, ag leaders are now concerned that the move might end up harming U.S. farmers and our ag economy.
“As a result of this, could there be rising tariffs on the part of China for our exports?” says Dave Salmonsen, Senior Director of Government Affairs with the American Farm Bureau Federation.
He says he’s concerned that China may retaliate against U.S. ag exports.
“Currently, some products—think of U.S. pork—still face higher tariffs than we had before. Would they reimpose those on other products? That’s our concern. Or could they slow down buying?”
Salmonsen says the administration made the move because of a requirement that tariffs get reviewed every four-to-five years.
“So, the trade rep’s office has been doing this review and decided that looking at it all, it would continue some as they are, and it was going to increase some. Another thing that’s going on right now, China’s economy isn’t doing well, and they’re trying to ramp up their economy by putting a real push on exports. So, there is a great opportunity for China to flood the world with all kinds of products,” he says.
President Biden’s tariff hike goes on $18 billion worth of imports from China—namely steel, aluminum, and semiconductors.
Source: NAFB News Service.
