Farmers for Free Trade hosted a virtual town hall with U.S. Senator Joni Ernst of Iowa and a roundtable with farmers and economic experts. The event focused on the lasting consequences of tariffs on agriculture and the economy. A recent USDA report showed retaliatory tariffs have cost American farmers $27 billion dollars. Iowa Soybean Association Treasurer Dave Walton says during the trade war with China, U.S. soybeans were an easy target.
Another topic discussed was the expansion of international markets, including through new trade deals, plus the trade outlook for 2022. Senator Ernst says this issue is a top priority for her.
She also noted the Biden administration has also failed to fill open government positions that directly work on trade.
A Peterson report shows China has fallen far short of their Phase 1 trade commitments spurred by the trade war. Tariffs also add to inflationary pressures as the cost is passed to consumers.
