> Farmers and consumers brace for tariff effects as Trump asks to 'bear with me'
Farmers and consumers brace for tariff effects as Trump asks to 'bear with me'
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Farmers across the U.S. can expect the new tariffs on Mexico, Canada and China and the retaliatory action from those countries to hurt their bottom lines by billions of dollars if they stay in place, while consumers could quickly see higher prices for agricultural products and ground beef.
But some of the impact on farmers might not be felt until the next harvest and some products might actually get cheaper in the short run for consumers if exports suffer. And the price of corn, wheat and soybeans accounts for relatively little of the price of most products.
Plus, President Donald Trump could offer farmers significant aid payments, as he did during the trade war with China in his first administration, to offset some of the losses.
In his address to Congress Tuesday night, Trump argued that agricultural imports hurt American farmers and asked them to "bear with me again" as he seeks to protect them.